The Guyana Revenue Authority (GRA) on Tuesday reminded that the second phase of its tax amnesty will culminate on September 30, 2018.
According to a press release from the GRA, all taxpayers who have correctly filed all their outstanding returns and have paid all principal taxes are eligible for a fifty percent reduction of all interest and penalties in this phase. GRA advised taxpayers that this amnesty applies to those who have been delinquent in the filing and payment of taxes, have mistakenly underreported or understated their income, and/or those who are in arrears after being subject to a complete audit by the GRA.
Phase one of the tax amnesty, which ran from January 1 to June 30, offered a full waiver of all interest and penalties, while Phase two, which began on July 1, is offering a fifty percent waiver.
According to the GRA, the tax amnesty relates only to liabilities incurred up to and including the Year of Assessment 2017, and not the current year, 2018. It pointed out that only Income, Corporate, Property, Capital Gains and Withholding Tax related penalties will be waived. Interest accumulated on trustee taxes such as Value-Added Tax, P.A.Y.E remittances, Travel Voucher Tax, Travel Ticket Tax and Premium Tax will not be waived, the statement added.
The GRA statement further advised that taxpayers who seek to make use of the amnesty should first request a tax status check or a liability statement from the Debt Management Unit.
