— GRA waives VAT, Duties and Excise Tax on all medical supplies associated with the testing, prevention and treatment of COVID – 19, Vitamin C and multivitamins
— Tax deductions will be given for all donations made by local businesses
— payment of corporate and individual advance taxes and PAYE for businesses affected deferred until June 30
THE government has rolled out a series of relief measures to reduce costs for medical supplies and treatment and to businesses and individuals who may be disproportionately affected by the pandemic and its fallout
According to a release from the Guyana Revenue Authority (GRA), VAT, Duties and Excise Tax have been waived on all medical supplies associated with the testing, prevention and treatment of COVID – 19, Vitamin C and multivitamins
This, the GRA said will take effect on March 26, 2020 and will be in effect until June 30, 2020. Previously, these would have attracted duties ranging from 5-20 per cent and VAT of 14 per cent. The descriptions of these supplies with their associated tariff codes are given in the table below.
Tax deductions will be given for all donations made by local businesses to staff and health institutions for the prevention and treatment of COVID-19, the GRA said, and noted that the payment of corporate and individual advance taxes and PAYE for businesses have been deferred until June 30, 2020.
The GRA said, thereafter, businesses will be allowed to pay advance taxes on the current year basis.
“All other taxes are due and payable in accordance with the law. This includes Balance of tax payments for Corporation Tax and Income Tax due for Year of Income 2019 which is payable by April 30th, 2020. Interest and penalties though applicable for late filing and payment may be waived by the Commissioner General for due cause,” the revenue body noted.
It added: “To reduce the spread of the virus, taxpayers are encouraged to submit their tax returns electronically. Drop boxes are also available at all GRA locations for taxpayers to drop off their returns should they elect not to file electronically. Please note that the issuance of lodgment receipts is suspended. Instead, an online Lodgement Checker will be available on our website www.gra.gov.gy, thereby allowing taxpayers to check that their returns have been brought to account.”