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Ram and McRae to launch handbook on VAT and Excise Tax today
Ram and McRae, Chartered Accountants, is set to launch the second edition of its Value-Added Tax and Excise Tax Handbook today. The event is slated to take place at the Georgetown Club, Camp Street at 5 PM.
According to the group of Chartered Accountants, the Handbook is a 300-plus page publication containing twelve chapters of explanation and elucidation of the law and easy to understand examples and illustrations of their application.
Ram and McRae explained that the Handbook also contains the up-to-date VAT Act and Excise Tax Act, including the VAT Regulations and the Schedules of Zero-rated and Exempt Supplies.
Some of the new features of this edition are a Glossary of Terms and an index of Abbreviations and References used.
The group of Chartered Accountants said that the Acts are annotated and include helpful cross-references to the text of the Chapters, designed to make them understandable.
Chartered Accountant, Christopher Ram
It said that illustrations include tables showing the difference between zero-rated, standard-rated and exempt supplies; the Registration Process; specimen VAT Application for Registration form; Pre-registration Credit; calculating VAT where the registered business engages in both taxable and exempt supplies; Mixed Supplies; VAT-inclusive pricing; Tax Invoice; setting up and maintaining the VAT account; the VAT Return; specimen Notice of Appeal; the Objections and Appeals Process; the Application for Refund form; and Table of Civil and Criminal Offences and Penalties.
The text is also supported by a number of legal authorities, including some of the outstanding tax cases in Guyana such as Bata Shoe Company vs. CIR, Argosy Company (In Liquidation) vs. CIR, Demerara Railways Company vs. Georgetown Town Council and Ramlakhan vs. IRC.
Other Guyanese cases are Chue and Hyman vs. AG, and Dr. Rupert Roopnarine vs. Commissioner of Police, a case dealing with the fundamental right of travel. The Handbook also includes cases from Trinidad and Tobago, Barbados and Jamaica with the majority of the VAT cases coming from the VAT Tribunals of the UK.
Ram and McRae said that the Handbook has received favourable reviews by attorney-at-law and CEO of Caribbean Containers Inc, Miss Patricia Bacchus; President of the Georgetown Chamber of Commerce and Industry and entrepreneur Vishnu Doerga; economist Dr. Maurice Odle; former judge of the Caribbean Court of Justice Professor Duke Pollard and Harry Parmesar of Parmesar, Chartered Accountants.
The pre-launch price for the Handbook is $25,000 and thereafter the price will be $30,000 per copy.
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