Businesses urged to be cognizant of deadline for VAT Returns
Kaieteur News
February 13, 2007
The Guyana Revenue Authority (GRA) is urging businesses, especially sole traders, to ensure that their VAT Returns are submitted before the due date.
With the deadline for returns being February 21, the GRA has underscored the low level of filing so far.
While this has been the tendency of Guyanese taxpayers, the Authority sees it as being in the best interest of businesses to submit their first return on time.
GRA says that, as partners with them, businesses should appreciate the need to start off this aspect of the operation of the tax on the right footing.
“Early submission means greater ease for the GRA in processing, evaluating, auditing, and updating the records of taxpayers. Early submissions will also contribute significantly to the smooth administration of Value Added Tax,” the Authority said in a release.
The GRA has also stressed to businesses, especially exporters and dealers in zero-rated supplies who tend to be beneficiaries of tax refunds and who have still not submitted their returns, that they need to do so urgently.
The GRA pointed out that early submission of returns will obviously result in the opportunity for them to apply for their refunds early.
“The GRA hereby reminds registrants that in accordance with Section 82 of the VAT Act # 10 of 2005, the civil penalty for a late return-submission is $1000 for each day the return remains outstanding, or ten percent (10%) of the tax payable for the period of such return, whichever is greater”.
It added that Section 72 of the ACT stipulates criminal penalties of $15,000 for non-submission of a return, and further fines and up to three months' imprisonment for further delays.
The GRA also invites taxpayers with concerns about the filing of their returns to contact the VAT Department.
VAT Returns and payments can be submitted in Georgetown to the Customs and Trade Administration, Main Street; Inland Revenue Department, GPO Building, Robb Street; VAT and Excise Tax Department, Albert and Charlotte Streets, Georgetown, and GRA Regional Branch Offices.
The GRA says it continues to implore businesses to ensure they make every effort to comply with the requirement of the law in issuing invoices, and to maintain these records and other records required by the law.
The Authority also continues to charge businesses to uphold their corporate and ethical responsibilities to their customers in maintaining prices and quality.