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Under-the-table petty cash salaries

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dogg
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Under-the-table petty cash salaries

Postby dogg » October 16th, 2020, 12:14 pm

A partner of mine, while drinking pretty good but cheap Guyana white rum, confided that the bulk of his salary comes from under the table petty cash cheques.

He works for a supposedly above board company. He says the makes up monthly invoices for made-up services provided by a family member and he gets a cheque made up to his family member which is then deposited into a joint account. Other employees also get the benefit.

Now this has been going on for a decade or more. So we talking about over a million dollars in salary untaxed during the period.

My question is how prevalent is this practice?? Can he or his company get into serious trouble if this is somehow found out? Can the family member be in trouble? Or is this a case of "is trinidad, everybody does it"??

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Re: Under-the-table petty cash salaries

Postby death365 » October 16th, 2020, 12:27 pm

firstly blasting up the man on trinituner wont help his secret cause trinidad too small and everybody know everybody elae.

he defrauding the company which is a criminal offence and can end up in jail for fraud, lastly leave the man alone na... man tell u something drunk an u spreading it all over...

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dogg
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Re: Under-the-table petty cash salaries

Postby dogg » October 16th, 2020, 12:29 pm

nah, he not defrauding the company. The company knowingly pays him this way.

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Re: Under-the-table petty cash salaries

Postby maj. tom » October 16th, 2020, 12:34 pm

You believed him?
We beLIEve you?

What kind of rum? El Dorado white?

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dogg
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Re: Under-the-table petty cash salaries

Postby dogg » October 16th, 2020, 12:38 pm

maj. tom wrote:You believed him?
We beLIEve you?

What kind of rum? El Dorado white?


He doesn't lie to me about those things.
What's the use in me lying?? To gain what?

Diamond white. I said cheap.

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Re: Under-the-table petty cash salaries

Postby maj. tom » October 16th, 2020, 1:02 pm

Meh eh know yuh padna motives nah. Maybe he was trying to impress you hoping finally for a rubadubdub.
It had plenty cheap white rum involved, dem thing does loosen up men agenda after years of the down-low.

Tell we moar nah. On how the owners of the company stupid, so stupid to pay this money in cheques processed through a bank, so the BIR can audit them with all this evidence just lying around, with all these other employees and families, etc.

Is a Friday ched, ah bored. I want to learn.

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dogg
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Re: Under-the-table petty cash salaries

Postby dogg » October 16th, 2020, 1:08 pm

Dunno those details man. I'm just as curious. WIll try to find out over the next bottle of diamond white.

maj. tom wrote:Meh eh know yuh padna motives nah. Maybe he was trying to impress you hoping finally for a rubadubdub.
It had plenty cheap white rum involved, dem thing does loosen up men agenda after years of the down-low.

Tell we moar nah. On how the owners of the company stupid, so stupid to pay this money in cheques processed through a bank, so the BIR can audit them with all this evidence just lying around, with all these other employees and families, etc.

Is a Friday ched, ah bored. I want to learn.

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Re: Under-the-table petty cash salaries

Postby Dizzy28 » October 16th, 2020, 1:47 pm

Having worked for a number of private sector family businesses in my first few years out of school this was pretty prevalent along with the owners paying themselves nominal salaries and then expensing all their personal spend.

I assume it still is and OP's friend breaking a key rule that the Maritime industry coined a nice phrase for - Loose lips sink ships!!!!

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Re: Under-the-table petty cash salaries

Postby 16 cycles » October 16th, 2020, 1:48 pm

The court heard that on four occasions between the period January 4 and December 8, 2010, the three together conspired to defraud BGTT the sums of TT$410,965, TT$763,000, TT$585,000 and TT$525,000 respectively, amounting to a total of TT$2,283,965, being the proceeds of CitiBank.

The charges stated that the three falsely pretended that Inter Isle Safety Security had provided goods and services to BGTT and was as such entitled to the money.


http://www.thedailyherald.info/index.ph ... s&Itemid=5

OP's MO sounded familiar...

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Re: Under-the-table petty cash salaries

Postby pete » October 16th, 2020, 1:54 pm

Tell him to try XM white rum. Like $60 from some places.

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Re: Under-the-table petty cash salaries

Postby dogg » October 16th, 2020, 1:54 pm

16 cycles wrote:
The court heard that on four occasions between the period January 4 and December 8, 2010, the three together conspired to defraud BGTT the sums of TT$410,965, TT$763,000, TT$585,000 and TT$525,000 respectively, amounting to a total of TT$2,283,965, being the proceeds of CitiBank.

The charges stated that the three falsely pretended that Inter Isle Safety Security had provided goods and services to BGTT and was as such entitled to the money.


http://www.thedailyherald.info/index.ph ... s&Itemid=5

OP's MO sounded familiar...


THe company knowingly pays him. He's not defrauding the company. He's and the company are defrauding the govt of taxes.

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Re: Under-the-table petty cash salaries

Postby SLVR1 » October 16th, 2020, 1:55 pm

Under the table is a common practice. Seen it done a a lot..but not through petty cash. Seen petty cash used many ways though.

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Re: Under-the-table petty cash salaries

Postby pete » October 16th, 2020, 1:56 pm

Also, he better pray the BIR doesn't boost their ability do audits or start to retrieve bank account information cuz all that undeclared income gonna have interest.

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Re: Under-the-table petty cash salaries

Postby dogg » October 16th, 2020, 1:57 pm

SLVR1 wrote:Under the table is a common practice. Seen it done a a lot..but not through petty cash. Seen petty cash used many ways though.

I just assume its petty cash. I don't know about these things.

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Re: Under-the-table petty cash salaries

Postby Dave » October 16th, 2020, 2:01 pm

There is legislation coming to address that. Bir instructs banks to surrender banking records and they can query the source of funds.
pete wrote:Also, he better pray the BIR doesn't boost their ability do audits or start to retrieve bank account information cuz all that undeclared income gonna have interest.

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Re: Under-the-table petty cash salaries

Postby airuma » October 16th, 2020, 2:33 pm

Two things come to mind, can this cheap white rum be used as a truth serum?
Is there a limit to petty cash and laws about how it should be accounted for?

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Re: Under-the-table petty cash salaries

Postby nervewrecker » October 16th, 2020, 8:21 pm

maj. tom wrote:Meh eh know yuh padna motives nah. Maybe he was trying to impress you hoping finally for a rubadubdub.
It had plenty cheap white rum involved, dem thing does loosen up men agenda after years of the down-low.

Tell we moar nah. On how the owners of the company stupid, so stupid to pay this money in cheques processed through a bank, so the BIR can audit them with all this evidence just lying around, with all these other employees and families, etc.

Is a Friday ched, ah bored. I want to learn.


Bank doh question government cheques.

I seen it happen plenty times, inflated invoices where funds are allocated to with priority to and few people ever see it. Heck, I know one place this happening right now. New equipment written off as unserviceable and changed out with cheaper inferior stuff. They do it when I not around or there to oversee it.

Threatening me with "yuh like yuh lil end in here" eh go work cuiz I will kindly say HYMC and walk out the door. No handcuff touching my hands.

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Re: Under-the-table petty cash salaries

Postby Numb3r4 » October 16th, 2020, 10:43 pm

Now more than ever I want to know where Mr. Wrecker is working.

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Re: Under-the-table petty cash salaries

Postby nervewrecker » October 16th, 2020, 10:47 pm

Numb3r4 wrote:Now more than ever I want to know where Mr. Wrecker is working.


I work for myself.

There will be no racket running on my side. I do work for a number of privately owned companies and one multinational company as well as public entities. Any discrepancies in stuff I deal with, I have been known to carry it back to the dealer and tell them pelt it somewhere far away while removing it from my lineup.

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Re: Under-the-table petty cash salaries

Postby nervewrecker » October 16th, 2020, 10:53 pm

Had a certain 5 tonne unit that just need servicing, the capacitor blew. Its not in my contract but I still changed it for them just so people can be comfortable. I get some heat for working on equipment that is not mine.

You know the company that came and removed the working unit took the new capacitor and gone? They left the unit to come back for it with the panel off.

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Re: Under-the-table petty cash salaries

Postby Numb3r4 » October 16th, 2020, 11:00 pm

Cool, cool.

Sounds about right for industry in T&T.
Folks love to bill for genuine but covertly substitute a cheaper product/brand.

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Re: Under-the-table petty cash salaries

Postby nervewrecker » October 16th, 2020, 11:09 pm

And don't forget kickbacks.

They will get rid of me just now. Nothing gets pass me so it's bad for business.

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Re: Under-the-table petty cash salaries

Postby wagonrunner » October 17th, 2020, 2:10 am

:rofl: adivce to do still being sought under the pretext of "a padna say they do".

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