CashWiz working with Inland Revenue to settle tax liability

A month after the Inland Revenue Department (IRD) swooped down on local pawn shop, CashWiz, the overseas business is said to be working with local authorities to rectify the situation.

Failure to pay outstanding taxes, said to be around EC$800,000, resulted in the business being closed indefinitely by the IRD on Friday, November 22, 2024.

CashWiz opened its doors in St Vincent and the Grenadines (SVG) in April, 2013 and is said to owe Pay-As-You-Earn (PAYE); Value Added Tax (VAT); and Corporate Income Tax to the IRD.

A source with knowledge of the issue told SEARCHLIGHT that the IRD is working with the company to collect the taxes owed to the government and the possibility exists that the matter will soon be resolved.

CashWiz, located at the corner of Long Lane and Sharpe Street, Kingstown, is said to have unpaid taxes dating back to 2021.

The source said for several months, the IRD tried unsuccessfully to have the business comply with its tax obligations, but the non-compliance led to the decision to seize the company’s cash and assets and change the locks on its doors.

Four persons are employed by the company which has as its local manager, Brad Leacock.

A sign erected at the entrance of the business says that effective November 22, 2024, CashWiz has been closed by the Comptroller of the IRD due to “non-compliance with tax obligations under the Income Tax and Value Added Tax (VAT) Act.”

The sign also reads, “Effective 22nd November 2024, operations of this business without authorization by the Comptroller of Inland Revenue is prohibited until further notice”.

CashWiz is a wholly-owned subsidiary of Simple Management Holdings Inc., a company registered in the United States of America (USA).

CashWiz offers an instant cash service by buying and selling retail products.