The Guyana Revenue Authority (GRA) in an effort to dispel confusion surrounding the tax measures outlined in the 2020 National Budget and their effective dates of implementation has issued the following information to the public to provide guidance and clarity.
According to the GRA release on Tuesday, the measures and effective dates as signed into law by President Ali are as follows:
*Corporation Tax exemption for Private Medical and Private Educational Institu-tions – effective January 1, 2020
*Increase in the mortgage limit to $30 million for Mortgage Interest Relief (MIR) eligibility – effective January 1, 2020
*New/reduced licence fees for motor vehicles and traders – effective October 1, 2020
*Removal of the restriction on vehicles eight years and older, half-cut vehicles, and used tyres – effective October 1, 2020
The release also stated the removal of VAT on the following items:
*Electricity and water – effective April 1, 2020
*Exports – effective October 1, 2020
*Medical supplies – effective October 1, 2020
*Key inputs in the Poultry Industry – effective October 1, 2020
*Hinterland travel – effective October 1, 2020
*Locally produced sand, stone, concrete blocks, plywood, logs, and lumber – effective October 1, 2020 (not January 01, 2021 as was erroneously reported)
*Capital equipment and machinery used in mining, forestry, agriculture, construction, and manufacturing industries – effective October 1, 2020
*All-Terrain Vehicles (ATVs) used in the mining, forestry, agriculture, and manufacturing industries, and by Toshaos – effective October 1, 2020
The Authority also informed that included separately is the full list of zero-rated and exempt supplies (revised October 2020) as contained in the First and Second Schedule to Value Added Tax Act, Cap 81:05 (https://www.gra. gov.gy/tax-services/vat-services/zero-rated-exempt-supplies/).
In addition, the GRA Public Relations Unit will periodically publish all of the new tax measures in the four daily newspapers while simultaneously posting them on its social media platforms – Facebook and Instagram, Twitter, and LinkedIn. The Unit has also been disseminating the information via its weekly television programmes “Focus on GRA” and Talk Tax” as well as weekly appearances on live radio.
Taxpayers are also advised to check the GRA’s website for copies of the legislative amendments and persons needing further clarification can contact the Authority’s PR Unit via email at grapublicrelations@gmail.com and its Tax Advisory Services Section on 227-6060 ext 1201 to 1204.
Verifiable information backed by references to the laws and regulations on the new tax measures, listed above, is accessible via its website link, https://www.gra.gov.gy/media/, the release added.
