The Guyana Revenue Authority (GRA) said Value-Added Tax (VAT) and Excise Tax returns for the second tax period are due on Thursday.
In a press release, the GRA said VAT registrants must submit their VAT 200 forms and VAT payments for February on or before Thursday, March 22. Registrants are already in receipt of VAT return forms for February and March and are urged to file their returns on time to avoid incurring late penalties. The fine for filing late returns is $1,000 for every day, or part thereof, that the return remains outstanding or 10% of the tax due, whichever is greater.
The VAT and Excise Tax department mailed more than 2000 return forms and persons who have not received their forms to date are advised to contact the department. The GRA said it is important for businesses to maintain proper books and records of their purchases and sales as this will allow for the easy calculation of figures for filing the VAT returns.
The GRA strongly advises persons against remitting the VAT in the form of cash through the post as they would be doing this at their own risk. It urges persons to remit the money by cheque which should be made payable to the GRA. The GRA also said businesses that did not conduct any business are still required to submit VAT returns. Registrants are advised that returns can be submitted to any of the GRA branch offices at Linden, New Amsterdam, Corriverton, Lethem, Anna Regina and in Georgetown at the post office, Customs House or the VAT department, Albert Street.
The GRA remains committed to working with stakeholders to ensuring that there is maximum compliance with the law so that citizens could receive the benefits of VAT sooner. It said the VAT and Excise Tax department is available to offer assistance to registrants who need clarifications or advice on filing the returns.
