The Guyana Revenue Authority (GRA) today said that the Value-Added Tax (Amendment) Regulations will come into operation on February 01, 2017 when the VAT rate will be reduced from 16% to 14%.
Additionally, the amendment provides for an increase in the VAT threshold from $10,000,000 to $15,000,000 annually. In a release, the GRA 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 ($15,000,000).
The VAT Act was also altered to include VAT on electricity charges over $10,000 per month and water consumption over $1,500 per month. As such persons consuming water and electricity below the stated amount will not be required to pay the VAT.
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