Latest update April 18th, 2024 12:59 AM
Apr 08, 2020 News
The Government has announced a number of additional measures to bring ease on consumers and businesses as the fallouts of COVID-19 continue to bite.
These include the removal, for three months, the Value-Added Tax on water and electricity.
“In the ongoing national effort to support businesses and individuals who have been socially and economically disadvantaged by the threat of the coronavirus (COVID-19) pandemic, the Government of Guyana today approved a number of additional tax relief measures,” a statement from GRA said yesterday.
Effective immediately, there will be a removal of VAT on water and electricity with effect from April 01, 2020 to June 30, 2020.
GRA also announced that the VAT on domestic air travel is being removed effected today to June 30, 2020.
There are additional measures. For example, there will be an extension of the April 30th deadline for the filing of tax returns to June 30, 2020.
“However, estimated remaining taxes using “management financial statements”, for the Year of Income 2019 (Year of Assessment 2020) must be paid by April 30, 2020.”
The authority also said it will expedite the processing of VAT refunds for businesses and PAYE refunds for employees.
According to GRA, despite having employees working from home, the authority continues to provide essential services to the taxpaying public and at the same time, collect vital revenue necessary for the provision of services to the people of Guyana and is also fast tracking the provision of its services electronically including the submission of documents and payments.
“In addition, working employees are rotated on a weekly basis, and at close of work every Friday, the entire building is fumigated so that persons returning to work on Monday come to a clean environment.”
According to GRA, it also continues to provide the essential services needed to clear all items, both by air and sea, also to expedite exports.
The measures announced would follow a number of others.
These include the waiver of VAT and duties on COVID-19 medical supplies and lab testing kits; the granting of tax deductions for all donations made by local businesses to staff and health institutions for the treatment of the virus and the deferral of the payment of advance corporate and individual advance taxes for the Year of Assessment 2021 (Year of Income 2020) and PAYE for affected businesses until June 30, 2020.
“For example, airline and tourism and associated industries, like hotels and transportation, who continue to employ their employees, or send their employees on extended vacation leave, the payment of advance taxes will be deferred without penalty and interest,” GRA disclosed.
GRA has also disclosed that affected businesses will pay advance taxes on the current year basis.
JAGDEO ADDING MORE DANGER TO GUYANA AND THE REGION
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