Latest update February 12th, 2025 8:40 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

GRA allowing Corporation Tax filing without audited financial statements

Mar 28, 2018 News

Companies filing Corporation Tax Returns for the Year of Assessment 2018 (Year of Income 2017) and until further notice are permitted to submit draft management accounts in the absence of audited accounts and in certain other instances as pre-determined by the Commissioner-General (GRA).
“This directive is aimed at reducing the numerous requests of the auditing profession and accounting firms for extensions beyond April 30 of each year – the due date for filing. This change will also reduce the incidence of late filing tendency of Corporate Tax returns and alleviate the imposition of penalties and interest resulting from such late filing,” GRA said.
The authority noted that in accordance with Section 10 of the Corporation Tax Act, Chapter 81:03, Corporation Tax shall be paid at the rate of 45 percent of chargeable profits of a telephone company, forty percent of the chargeable profits of a commercial company other than a telephone company and twenty-seven and one-half percent of the chargeable profits of any other company.
For companies that are engaged in commercial and non-commercial activities, the rate of twenty-seven and one-half percent applies to the non-commercial activity while the commercial activity of the company shall be taxed at the rate of forty percent.
“Further, under Section 10A, of the said Act, where for any year of assessment the corporation tax payable by a commercial company is less than two percent of the turnover of the commercial company in the year of income, there shall be levied on, and paid by the commercial company a corporation tax (in this Act referred to as “minimum tax”) at the rate of two percent of the turnover of the commercial company,” GRA explained in a statement.
“Provided that when proven to the satisfaction of the Commissioner-General that the rate of two percent of the turnover of the commercial company or a company engaging in commercial activities, exceeds the 40% rate of tax, then the corporation tax payable shall be limited to the corporation tax assessed and payable at the 40% rate.”

Similar Articles

The Glenn Lall Show|| February, 10th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Ministry of Culture, Youth and Sport endorses Mashramani Street Football Championships

Ministry of Culture, Youth and Sport endorses Mashramani Street...

Feb 12, 2025

Kaieteur Sports- The Ministry of Culture, Youth and Sport (MCY&S) will substantially support the Mashramani Street Football Championships ahead of its Semi-Final and Final set for this Saturday...
Read More
Guyanese boxers shine in IBA World Rankings ahead of Caribbean Championships

Guyanese boxers shine in IBA World Rankings ahead...

Feb 12, 2025

Motie returns for Day/Night affair, as fired-up Harpy Eagles eye 3rd straight win

Motie returns for Day/Night affair, as fired-up...

Feb 12, 2025

Daniel Singh pockets East Bank Pool crown

Daniel Singh pockets East Bank Pool crown

Feb 12, 2025

Khalil, Pollard and Barker reign supreme as BCQS Int’l Masters concludes

Khalil, Pollard and Barker reign supreme as BCQS...

Feb 11, 2025

Cricket West Indies passes historic governance reform at special meeting of shareholders

Cricket West Indies passes historic governance...

Feb 11, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]