The Commissioner-General of the Guyana Revenue Authority (GRA),Mr. Khurshid Sattaur, is reminding professionals in private practice for reward that they need a practice certificate issued by the GRA in order to practice their profession. Consequently, applicants are advised that all returns which are due up to the date of application for the certificate must be delivered to the Commissioner-General along with all relevant taxes due and payable by this category of taxpayer.
The First Schedule of the Tax Act Chapter 80: 01 has categorised professional groupings, and professional fees are charged as follows: Category A- Accountants, Auditors, Legal Practitioners, Medical Practitioners, Architects, Dentists and Optometrists – $250,000; Category B- Engineers and Veterinary Surgeon – $150,000; and Category C- Physiotherapists, Pharmacists and Surveyors – $75,000.
Professionals who qualified within three years preceding the date of the application for the practice certificate is permitted to pay $25, 000 and shall thereafter be liable to pay the full prescribed fee. All conditions must be satisfied before the certificate is issued by the GRA.
A Tax Practice Certificate is valid for one calendar year and is renewable annually. All applicants must uplift and complete an Application Form from the Compliance Section, Tax Operations & Services Department, G.P.O Building, or any Regional Branch Office. The person must state therein his/her experience, the nature of his/her practice, the place of practice, and must provide copies of their certificates as proof of qualification to practice the profession.
All professionals are required to have a Taxpayer Identification Number (TIN) and should submit all outstanding returns in accordance with Section 60 of the Income Tax Act, and pay taxes due including advance taxes and the requisite professional fee, before the application is processed. A copy of the professional fee receipt must also be attached to the application form.
The Commissioner-General intends to take legal action against all defaulters who do not comply, according to a GRA release.