BM Soat says it obeys all laws, is a “responsible” taxpayer

Last Updated on Sunday, 28 December 2025, 0:30 by Writer

Well-known Guyanese vehicle importer, BM Soat Auto Sales and Rentals, on Saturday rejected statements that it is allegedly involved in undervaluation of vehicles.

“We respect the role of the media but we are concerned that the reports rely entirely on unnamed sources, make broad claims without identifying any individuals,” the company said in a statement.

The company objected to earlier Demerara Waves Online News reports quoting an unnamed senior official of the Guyana Revenue Authority (GRA) referencing its company in alleged malpractice.

BM Soat did not say specifically whether or not it has existing cases in the magistrates’ court with the GRA and whether it paid more than GY$200 million in due taxes to that authority.

Instead, the company indicated it would not do so while assuring that it does not breach the law: “B.M. Soat Auto Sales operates within the laws of Guyana and conducts its business with integrity. As a matter of principle, we do not engage in speculation or debate unverified claims in the public domain.”

Though the company opted not to address the GRA official’s allegation, it said that in 2025 alone, it sold more than 1,500 vehicles, “all processed through established regulatory channels.”

“Over the years, we have paid billions of dollars in taxes and duties, reflecting our consistent role as a responsible taxpayer,” the company said in its statement.

Affirming its integrity and compliance, BM Soat flayed Demerara Waves Online News for publishing reports without affording the company the opportunity to respond. “Such speculative reporting risks creating public misunderstanding and falls short of balanced journalistic practice,” BM Soat said.

BM Soat says it does not condone misconduct in any form. “We believe public confidence is best served by verified facts, fairness, and due process, not conjecture or anonymous commentary.”

Seven GRA officials are on GY$500,000 bail each and are required to report to police on December 29, as part of an ongoing probe into their alleged role in the evasion of taxes on vehicles.

The GRA source alleged that that was done either by misclassification as electric vehicles only so that no taxes would be payable or lower CCs so that lower taxes would be paid.

The GRA official said it planned to widen its investigation to other vehicle importers.