The National Assembly last Friday passed an amendment that will see the Guyana Revenue Authority (GRA) applying an 18% interest rate on tax arrears.
The amendment of the Financial Administration and Audit Act Chapter 73:01, once enacted, would see the repeal of two sections: Section 6B (2), which states: “the Commissioner General shall specify quarterly by public notice the rate of interest applicable to tax arrears using the average market rate of interests for the preceding quarter;” and Section 6B (3), which states: “for the purpose of this section market rate of interest means the prime lending rate as published by the Bank of Guyana plus 500 basis points.”
The amended Act would allow for the rate of interest applicable to