Amnesty will be granted to all delinquent tax payers – corporate and individual- who are outstanding in the filing of true and correct tax returns and payment of their true and correct taxes.
This measure was proposed in Budget 2018, and is slated to take effect from January 1, 2018 through September 30, 2018.
Finance Minister Winston Jordan, during his budget presentation on Monday, said taxpayers who file and pay all principal taxes on or before June 30, 2018 will have all interest and penalties waived, while those who file and pay all principal taxes between July 01, 2018 and September 30, 2018 will have 50 percent of interest and penalties waived.
However, taxpayers who expect to benefit from this amnesty must “file true and correct returns”.
The Minister noted that those found to be in violation will be subjected to an audit and the attendant penalties and interest will be applied.
The Guyana Revenue Authority (GRA) will be devoting increased resources to enforcement of the income tax laws, Jordan says. (Ramona Luthi)