The Guyana Revenue Authority (GRA) will not be immediately enforcing penalties for those persons who file late tax returns.
According to a GRA press release, this is because the body has realized that taxpayers are not fully aware of the laws relating to the late filing of returns. Consequently the Revenue Authority will shortly embark on an awareness campaign to sensitize the public as to what the laws relating to the filling of returns and the attended penalties for failure to comply with these Laws.
However, the GRA, in the near future, will be imposing and enforcing these penalties in accordance with the provisions of the law. According to Section 99 (2) of the Income Tax Act Chapter 81: 01: “If a taxpayer fails to file a tax return as required under Section 60 (1) or (4B) by the date specified therein, the taxpayer is liable to pay a penalty of two percent of the amount of tax assessed.”
Section 99 (3) of the same Act says that “If a taxpayer fails to file a tax return as required under Section 60 (4) by the due date specified therein, the taxpayer is liable to pay a penalty of five percent of the amount of tax assessed.”
Meanwhile, persons requiring information or assistance regarding the filing of returns and payments of taxes can contact the GRA’s help desk at telephone number 227-7927 extension 240.
