The Guyana Revenue Authority (GRA) is urging persons to ensure that they complete the self-assessment section on the Tax Return which is due on or before April 30, as self-assessment is mandatory.
A recent GRA press release quoted Assistant Commissioner (ag) Taxpayer Services, Eton London, as saying that “self-assessment is mandatory by Section 62 of the Income Tax Act 81.01.” And taxpayers are urged to do a self-assessment before submission as it is critical to the smooth processing of the returns, the release added.
Moreover, individuals and corporate entities are also encouraged to make the necessary payments.
According to Commissioner-General Khurshid Sattaur, late payments will now attract penalties and interest which on account of the computerized system that the GRA has employed will now be automatically generated.
So far, the GRA said, there has been a favourable response and as the due date draws nearer it expects an influx of property tax, capital gains tax, corporation tax, company property tax and individual income tax returns. However, many of the returns have not included a self-assessment, the release noted.
Self-employed persons are expected to submit their returns with an income and expenditure statement and are encouraged to complete the self-assessment. Employees who are submitting their returns with emolument slips are also encouraged to conduct a self-assessment.
London also pointed out that the forms for corporation tax and company property tax returns have been amended and persons need to take note of the changes and ensure they provide all the information required.
“The information that is submitted on the return is the information GRA has to use when doing the assessment,” he said.
Both financial and non-financial data are now provided for on the cover of the return, London noted, and he also reminded persons that the Taxpayer Identification Number (TIN) is vital when submitting the return.
The Income Tax Module of the Total Revenue Integrated Processing System (TRIPS) of which TIN is an integral part is up and running, so that if returns are submitted without a TIN that return will not be processed, London emphasised.
He also advised employees who have not yet received their TIN certificate to check with their employer, who is likely to be in possession of the number since it was necessary for the employer to have the TIN of their employees before submitting their Form 2s and their monthly PAYE remittances.
In addition, he urged self-employed persons who are not yet in receipt of a TIN to ensure that they obtain a TIN and record it at the time of filing the returns.
Returns can be submitted to the GRA‘s Internal Revenue Registry offices at Anna Regina, Linden, New Amsterdam, Corriverton or at GPO Building in Georgetown. Tax Return forms are available at the various Internal Revenue offices and on the GRA’s website: www.revenuegy.org
