VAT Registrants must ensure documents are in order

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  • to accelerate Refunds Verification process  

 The Guyana Revenue Authority (GRA), in its quest to ensure that VAT Refunds are processed and paid to VAT Registrants in a timely manner, is urging Registrants to aid in this process by ensuring that all records are in place when requested thereby ensuring the VAT Refund verification process is not stymied.

Once a VAT Registrant applies for a VAT refund, the process may entail a verification of records at the place of business. GRA, in a statement, said the following documents are usually expected to be made available by the business for examination:

  • Monthly summaries of input tax claimed, in columnar form including date on invoice, invoice number, full name of supplier, cost of item(s) and VAT paid
  • Original tax invoices to support input tax credit claimed
  • Purchases and sales ledgers
  • Sales records for the period under review
  • Tax Credit and debit notes
  • Any agreement/contract signed and
  • Any other related document (s) to support the refund claimed.

In addition, VAT registrants are also advised that the verification process of a taxpayer’s refund claim does not in any way preclude the GRA from conducting a full audit of the Company’s business, including those periods for which refunds may have been paid, at any subsequent time.

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