Valuation no longer required for land/property Certificate of Compliance – GRA

The Guyana Revenue Authority (GRA) announced on Friday that with immediate effect, a Valuation is not required when applying for a Certificate of Compliance to transfer land or property by way of sale, gift or tender.

This intervention is intended to relieve the procedural strain and burden on the taxpayers.

According to a GRA press release, based on the mandate of the GRA to collect its rightful taxes, and in keeping with the law, applicants are advised that under Section 7A (3) of the Capital Gains Tax Act, Chapter 81:20, where the Commissioner General being dissatisfied with the amount of consideration stated for the disposal or acquisition of any such property, may reject such consideration and substitute therefor the market value of a competent valuer.

The GRA statement noted that the procedure for obtaining a land/property Certificate of Compliance by way of sale, gift or tender can also be found on the GRA’s website, www.gra.gov.gy.

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