Tax refunds to be paid out to 60,000 – GRA

The Guyana Revenue Authority (GRA) says it will start the payment of PAYE refunds for 2006 to 2011 early this month and advises taxpayers to ensure that their addresses correspond with the one affixed to their Taxpayer Identification Number (TIN).

In a press release, the GRA said the sums will be paid after the customary verification process has been conducted. This represents a major departure from what usually obtains with the payment of refunds which were only made for large amounts owed to taxpayers.

The exercise will see more than 60,000 recipients of refunds being made to employees who filed their individual returns along with their respective employer(s), who would have submitted their employers’ Form 2s. It will be facilitated using the Total Revenue Integrated Processing System.

Commissioner-General Khurshid Sattaur said that permission was given to prioritize and process the refunds due to Pay As You Earn (PAYE) taxpayers for the period using methodology which will see taxpayers placed in three categories based on the amount of the tax refund payable to them. The three bands are based on the value and number of refunds.

“As a result, taxpayers with refunds amounting to less than $500 will be given a tax credit, which will be used to offset any future liability, or outstanding debts for any tax,” he said. This measure will be applied, given the volume and value of the refunds for this category of taxpayers. Sattaur further noted that it would be impractical to either mail or ask taxpayers to come in to uplift these refunds, since the cost to the GRA and the taxpayers would exceed the value of the amount.

Taxpayers with refunds between $500 and $1,000 will be asked to visit the agency to uplift these sums. In this category, an estimated 5,000 taxpayers stand to benefit from the payout. The GRA will publish the names of about 500 eligible taxpayers weekly and they will have one month after the date of publication to collect the sums. Refunds that have not been uplifted by this category of taxpayers will be given as a tax credit against their names as in the case of the first category.

Category three will comprise taxpayers with refunds greater than $1,000 and they will receive a cheque from the GRA.

This transaction will be processed through an automated cheque generating system that will result in a significant amount of cheques being prepared for dispatch to the taxpayers.

The GRA says payments will start early this month and advises taxpayers to ensure that their addresses associated with their TINs have been updated to ensure that they get their refunds in a timely manner. This can be done easily by bringing in proof of address at the new GRA head office on Camp Street.

Comments  

Buttler hundred hands England ODI series victory

SYDNEY,  (Reuters) – England’s Jos Buttler struck a belligerent unbeaten 100 to set up a 16-run win over Australia in the third one-day international on Sunday, as the touring side took an unassailable 3-0 lead in the five-match series.

Law to debar errant contractors coming by year end – Corbin

The Public Procurement Commission (PPC) hopes that by the end of this year debarment legislation would be in place as it will soon begin meeting with stakeholders on a draft.

House passes witness protection bill

A bill to provide a legal framework for the protection of witnesses was passed without amendment by the National Assembly on Friday evening despite arguments by the parliamentary opposition that it failed to take into account modern challenges.

Over $7M seized in Soesdyke raid expected to trigger money-laundering probe

The ownership of over $7 million in local and foreign currencies and several vehicles that were all seized during a raid by the Customs Anti-Narcotics Unit (CANU) at Soesdyke, East Bank Demerara on Friday has raised questions and a separate probe is expected to be launched.

Exxon set to begin drilling new well

Weeks after its major oil find at the offshore Ranger-1 well in the Stabroek Block, ExxonMobil’s local subsidiary is preparing to begin drilling at the Pacora-1 well site in the same area.

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now

×