The Guyana Revenue Authority (GRA) has outlined that with effect from February 1, 2017, the fees for the transfer of motor vehicle registration for motorcycles and other vehicles will be increased as follows:
Motor Vehicles – $25,000 or 2 per cent of the sale price, whichever is higher. (Previous fee was $1000)
Motor cycles – $5,000 (Previous fee was $500)
The following new fees have also been implemented:
Driving permits (foreign residents) – $2,000. “This permit is available at any port of entry and is only valid for one (1) month from the date of issue. Holders of these permits are reminded to drive with both permit and licence to avoid conflict with the law.”
Letter of Authenticity – $2,000. “This letter is given to residents who hold a valid Guyanese Drivers’ Licence and are desirous of driving in the United States, Canada, the United Kingdom or any country who did not sign on to the 1968 Vienna Convention on Road Traffic.”
Opposition Members of Parliament (MP’s) had strongly condemned the fee increases, in addition to new ones coming into effect, citing that the government was creating a ‘billion dollar industry for itself from taxes.’
Additionally, the GRA has reminded that, pursuant to the amendment made in The Motor Vehicles and Road Traffic Amendment Bill, a Compliance Certificate is no longer required for transfers of motor vehicles and motorcycles.
This measure was praised by Opposition MP’s who noted that the removal of this condition eliminates the red tape in getting transactions completed at the GRA.
Apart from these changes taking effect, the Value-Added Tax (Amendment) Regulations will come into operation on February 01, 2017, which will see VAT being reduced from 16 to 14 per cent, but will also see VAT being charged on electricity over $10, 000 per month and water consumption over $1,500 per month, among other changes.
Also taking effect on February 01, 2017 is an increase in Travel Tax from $2,500 to $3,500.