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GRA officers to ensure companies pass on VAT reduction to consumers

Jun 10, 2017 News

The Guyana Revenue Authority (GRA) will be dispatching its enforcement officers to ensure businesses pass on the benefits of the reduction (from 16 to 14 percent) of the Value Added Tax (VAT) to consumers.
This is according to the GRA Commissioner-General, Godfrey Statia.
In a statement to the media, the tax chief said that the authority observed that notwithstanding the reduction in the VAT rate, there has not been any incremental reduction in the prices of standard rated goods and services as intended by the 2017 budget measures.
GRA reminded that the reduction in the VAT rate by two percent came into effect on February 1, 2017, following amendments to the Value Added Tax Regulations 2016. Additionally, the amendment provides for an increase in the VAT threshold from $10,000,000 to $15,000,000 annually.
The revenue collection body said that this new measure now makes it mandatory for businesses to register for VAT if their annual sales are equivalent to or exceed the threshold of fifteen million dollars.
The body said, “It was observed that instead of a reduction in prices as intended by the budget changes, businesses have apparently used the two percent reduction in VAT to increase their profit margins rather than passing on the intended benefit to the consumers.”
While the authority will be clamping down on this new practice, it sought to advise businesses to take corrective actions.
Consumers are also being urged by GRA to assist in being vigilant and report entities that fail to adhere to the changes in the prices of goods and services

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