Tax Amnesty ends Sept. 30

Aug 08, 2018 News

The Guyana Revenue Authority (GRA) has announced that the tax amnesty has entered its second and final phase, July 1, 2018 to September 30, 2018.
According to the authority yesterday, individual and corporate taxpayers who file all outstanding tax returns (true and correct) and pay all principal taxes can qualify for 50% off all interests and penalties in this phase.
“This recourse to settle tax liability applies to those who are delinquent in filing and payment, those who mistakenly underreported or understated their income, and/or those who are subjected to completed audits, and a determination was made that the additional taxes owed to the GRA are still outstanding,” the authority explained yesterday.
However, GRA pointed out that the public should be aware that tax amnesty relates only to liabilities up to and including the Year of Assessment 2017, not the current year of 2018. “Additionally, only Income, Corporate, Property, Capital Gains and Withholding Tax related penalties will be waived. Therefore, interests accumulated on trustee taxes such as Value Added Tax (VAT), P.A.Y.E remittances, Travel Voucher Tax, Travel Ticket Tax and Premium Tax will not be waived.”
The Tax Amnesty was introduced in the 2018 National Budget in two phases – the first for the period January 1 – June 30 offered a full waiver of the interest and penalties while the second phase – July 1 to September 30 – is offering a 50 percent waiver.
“In the process of seeking amnesty, taxpayers are advised to request a tax status check/liability statement from the GRA’s Debt Management Unit before proceeding further. The GRA also wishes to thank those taxpayers who took advantage of the first phase timeline and are now fully tax compliant.”

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