The second and final phase of the Tax Amnesty granted by the Guyana Revenue Authority will conclude on September 30, 2018 and as such, individual and corporate taxpayers who file all outstanding tax returns (true and correct) and pay all principal taxes can qualify for fifty percent (50%) off all interests and penalties in this phase.
This is according to a press statement released by the entity on Tuesday.
“ The Guyana Revenue Authority (GRA) wishes to advise the general public that the Tax Amnesty has entered its second and final phase, July 1 2018 to September 30 2018…This recourse to settle tax liability applies to those who are delinquent in filing and payment, those who mistakenly underreported or understated their income and/or those who are subjected to completed audits and a determination was made that the additional taxes owed to the GRA are still outstanding,” the statement says.
In addition, the GRA posited that the Tax Amnesty relates only to liabilities up to and including the Year of Assessment 2017 and not the current year- 2018.
Moreover, only Income, Corporate, Property, Capital Gains and Withholding Tax related penalties will be waived.
“Therefore, interests accumulated on trustee taxes such as Value Added Tax (VAT), P.A.Y.E remittances, Travel Voucher Tax, Travel Ticket Tax and Premium Tax will not be waived,’ GRA asserted.
In the process of seeking Amnesty, taxpayers, are advised to request a tax status check/liability statement from the GRA’s Debt Management Unit before proceeding further.
Tax Amnesty was introduced in the 2018 National Budget in two phases. The initial phase commenced on January 1 2018, and ran to June 30 2018.
It offered a full waiver of the interest and penalties.