The Guyana Revenue Authority (GRA) t the Tax Amnesty has entered its second and final phase, July 1 2018 to September 30 2018.
According to the GRA, Individual and corporate taxpayers who file all outstanding tax returns and pay all principal taxes can qualify for fifty percent (50%) off all interests and penalties in this phase.
The 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 GRA is making it clear that the public should be aware however, that Tax Amnesty relates only to liabilities up to and including the Year of Assessment 2017, NOT current year, 2018.
The tax Amnesty was introduced in the 2018 National Budget in two phases, the first phase January 1 – 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.