– GRA says period ends September 30
THE Guyana Revenue Authority (GRA) is advising the public that the tax amnesty has entered its second and final phase, July 1 2018 to September 30 2018.
Individual and corporate taxpayers who file all outstanding tax returns (true and correct) and pay all principal taxes can qualify for fifty percent (50%) off all interest and penalties in this phase. This recourse to settle tax liability applies to those who are delinquent in filing and payment, those who mistakenly under-reported or understated their incomes and/or those who are subjected to completed audits and a determination was made that the additional taxes owed to the GRA are still outstanding.
In a release, the GRA said the public should be aware however, that the tax amnesty relates only to liabilities up to and including the Year of Assessment 2017, NOT the current year, 2018. Additionally, only Income, Corporate, Property, Capital Gains and Withholding Tax-related penalties will be waived. Therefore, interest accumulated on trustee taxes such as Value Added Tax (VAT), P.A.Y.E remittances, Travel Voucher Tax, Travel Ticket Tax and Premium Tax will not be waived.
The tax amnesty was introduced in the 2018 National Budget in two phases: the first phase January 1 – June 30, offered a full waiver of the interest and penalties, while the second phase July 1 to September 30 is offering a 50 percent waiver. In the process of seeking amnesty, taxpayers are advised to request a tax status check/liability statement from the GRA’s Debt Management Unit before proceeding further. The GRA also wishes to thank those taxpayers who took advantage of the first phase timeline and are now fully tax-compliant.
