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Penalties to be instituted for late tax returns – GRA
– statutory due date on April, 30 will not be changed
The Guyana Revenue Authority (GRA) says that there has been a decrease in the submission of tax returns in comparison with last year, although the agency is providing assistance to persons in submitting Returns.
The agency has placed ‘Drop Boxes’ at the Value Added Tax Department, 210 ‘E’ Albert and Charlotte Streets, Georgetown and at the Internal Revenue Department (GPO Building), Robb Street, Georgetown.
This was disclosed at a press conference held at GRA’s Albert and Charlotte Streets branch, yesterday.
(From left) Head of Communication and Tax Advisory Services Wendella Willabus and Head of Tax Operation and Services Division, Hema Khan.
Addressing the issues were Head of Tax Operation and Services Division, Hema Khan, and Head of Communication and Tax Advisory Services, Wendella Willabus.
Ms Wendella Willabus said that the taxpaying public should comply with the laws and that is to ensure that their returns be submitted by April 30, 2012.
“The statutory due date April 30, does not change under no circumstances and we are encouraging our tax payers to submit their returns on time because there are penalties involved,” Miss Willabus noted.
Noting that there is need for voluntary compliance, Miss Willabus said persons should not be carried away by the idea that if they do not owe any taxes and they submit their returns late, a penalty would not be imposed, however, “the penalty will be imposed whether you owe taxes or not.”
Head of Tax Operation and Services Division, Hema Khan, said tax sites are also located at N & S Mattai and City Mall. A mobile Tax Site was also in Linden Market Square yesterday, while sites were set up at the canteen of the University of Guyana, Turkeyen, and the Republic Bank, Diamond, East Bank Demerara on Friday April 27, 2012.
She said persons are allowed to collect a lodgment receipt to prove that their returns were submitted at all tax locations, and if they did not collect such it will be mailed to their respective address.
“If there is an error on the tax return, it is sent back to the taxpayer to correct these errors. That’s why they should be very careful since it will be rejected, if it is not a valid return. And when it is sent to them and it passes the due date then they will have to pay the two per cent penalty on their return, even though it was sent in on time,” Miss Khan said.
Ms Khan said that even if persons are one day late the penalty will be enforced on the taxes which are assessed.
“In the return there is supposed to be a signature from the taxpayer to prove that it is a true statement of their income, for persons employed they have to have a 7B slip which shows a statement of their earnings from their employer and that should be signed and stamped.
“For self employed persons they must have a copy of their income and expenditure statement which shows how their income arise; and for companies we have to have audited financial statements or else we do not accept their returns,” Miss Khan underscored.
Commissioner-General, Khurshid Sattaur noted recently that “this year the GRA is expecting an increase in the submission of Tax Returns. As such, since the statutory deadline for the submission of returns is Monday April 30, 2012, I am urging Taxpayers to make use of our Tax Sites or visit our offices at their earliest convenience to avoid the congestion associated with ‘last minute’ submissions.”
The Commissioner-General reminded the general public that the benefits of submitting Returns by the statutory deadline include the avoidance of unnecessary delays when obtaining Liability Statements and Compliance Certificates for the disposal or transfer of property and for tender purposes.
All Tax Sites open at 09:30 hrs and close at 16:00 hrs (Mondays –Thursdays) and 9:30 to 15:00 hrs on Fridays.
With April 30 also the deadline for the submission of individual Income and Property Tax, Company Property Tax, Corporation Tax and Capital Gains Tax Returns fast approaching, the GRA has intensified its efforts to raise awareness on the importance of submitting Returns.
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