GRA offers 50% off interest on outstanding taxes

first_img…as entity extends tax amnesty periodThe Guyana Revenue Authority (GRA) has given tax defaulters extra time to pay their arrears with its announcement that the tax amnesty period has entered its second and final phase.On Tuesday, the tax body said this final phase of the tax amnesty period will run from July 1 to September 30, 2018.According to information disclosed, both 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 the final phase.GRA said: “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.”GRA, however, cautioned that this amnesty period relates only to liabilities up to, and including, the Year of Assessment 2017, and not for the current year, 2018. The tax body clarified that only Income, Corporate, Property, Capital Gains and Withholding Tax-related penalties will be waived. It observed that interest which has been accumulated on trustee taxes such as Value Added Tax (VAT), PAYE (Pay As You Earn) remittances, Travel Voucher Tax, Travel Ticket Tax, and Premium Tax will not be waived.“Tax Amnesty was introduced in the 2018 National Budget in two phases: the first phase, January 1 to June 30, offered a full waiver of the interest and penalties; while the second phase, July 1 to September 30, is offering a 50 percent waiver. 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,” GRA added.last_img read more