Today is the final day to file returns for Value Added Tax (VAT) and Excise Tax (ET) for February and the Guyana Revenue Authority (GRA) said in a press release that it was concerned over the “slow rate of returns.”
VAT registrants, the release said, would not be given extended hours to facilitate the filing of returns.
The GRA mailed blank VAT return forms for the months of February and March to its more than 2,000 VAT registrants during the first week of March.
Acting Commissioner of the department Hema Khan said in the Tuesday release that some persons have claimed that they did not receive VAT return forms for February.
However, she explained that the letters were registered and on delivery required someone to sign and uplift them; if no one signed for them they would be returned to the Post Office.
She noted that there are several VAT registrants whose documents are mailed to their private addresses and she is urging persons who wish to change their mailing addresses, to that of their business location, to write to the VAT Department requesting the change so that the system can be updated and the necessary changes effected.
The GRA’s working hours are 8 am to 4.30 pm from Monday to Thursday and 8 am to 3.30 pm on Friday.
With immediate effect, the related fines and penalties will apply to late submission of returns and late payment of taxes due, the release said.
Late payments carry a 2% simple interest per month or part of a month and late filing carries a $1,000 a day penalty for every day late or 10% of the tax due for each month the return is outstanding – whichever is greater.
VAT returns and payments can be made at any GRA offices in Georgetown at Customs House, Main Street, Internal Revenue, the Guyana Post Office Building, Robb Street, the VAT Department, Albert and Charlotte streets or any of the GRA regional branch offices.
AT registrants are also being asked to quote their Taxpayer Identification Number (TIN) or the VAT registration number when sending correspondence to the department so that their queries/concerns can be addressed with minimum delay.
The January deadline for VAT and ET returns was on February 21, and 80% or 1,674 of the VAT registrants filed their returns on time. A two-week extension was given and some penalties were waived such as the $1,000 a day late fee.
