File VAT returns on time -- GRA urges businesses
Guyana Chronicle
February 20, 2007
THE Guyana Revenue Authority (GRA) is urging Value Added Tax (VAT) registrants to file their returns early and avoid penalties for non-compliance.
Commissioner of the Value-Added Tax and Excise Tax Department, Ms. Hema Khan, said a secure drop off box has been placed in the lobby of the Charlotte Street, Georgetown entrance of the VAT building for persons who are pressed for time to place their returns.
She said her department is looking at extending the working hours as a means of encouraging compliance, but noted that this is due to the demand on any given day.
Khan said that if persons come in early they can correct errors before the due date and avoid penalties for incorrect VAT payments.
Failure to submit returns will result in the Commissioner-General making an assessment of the tax owed and persons will incur a financial penalty and interest on the assessed amount.
Businesses that had no transactions for the month are still required to submit a VAT return. The tax period is strictly one calendar month. Returns for the month of January are due on February 21, 2007, the GRA said.
The commissioner said that while there are penalties for late filing, persons may be granted an extension of time for submitting their returns, but must make a written request for the extension.
More than two thousand VAT return forms were pre-printed and either hand-delivered or mailed to VAT registrants in January, the authority said.
Khan, it said, noted that soon return forms will be sent to respective businesses in batches of two, providing enough time for filling in the return. The due date will be printed on the return.
Returns can be submitted to any of the GRA branch offices in Linden, New Amsterdam, Corriverton, Lethem, Anna Regina and Georgetown (GPO, Customs House and Albert Street).
Businesses have two days remaining to file their VAT returns.