VAT returns due today
-over 40% already received
Stabroek News
February 21, 2007
Over 40 percent of Valued Added Tax and Excise Tax returns for January have been collected by the Guyana Revenue Authority (GRA), and today is the due date by which all registrants must make their returns and payments.
But the office said it is on target with its revenue collection and is optimistic that the figure will climb by the end of the day.
The office has put special arrangements in place to cater for the expected build-up, including extended working hours, to facilitate the submission of returns.
Reading a prepared statement yesterday, Assistant Commissioner General, GRA, Hema Khan said a secure drop off box has been placed in the lobby of the Charlotte Street entrance of the VAT building for persons who are pressed for time to place their returns and cheques.
Khan said staff will be on hand to offer advice and assistance to registrants who need clarification or assistance with filing their returns. She noted too that businesses that had no transaction for the month are still required to submit a VAT return.
According to her, all cheques must be made payable to the GRA. Khan said the GRA is strongly advising persons against putting envelopes with cash in the box or remitting the VAT in the form of cash via the post.
"VAT being a new tax, we foresee that there will be some late filing. Therefore, VAT registrants may be granted an extension of time for submitting their returns. However, this is not automatic and good cause will have to be shown before the Commission General could approve an extension," Khan said.
Khan told reporters the GRA will be looking at businesses that have failed to file their returns and make payments on the due date and will likely ask for an early audit. She said they will be looking at businesses with a high risk of fraud, such as the ones with a high volume of transactions. Of some 2,000 VAT forms distributed in January the GRA has received 832 as of yesterday.
The department will soon begin distribution of the return forms for February and March with the due dates pre-printed.
VAT registrants can submit their returns to any of the GRA branch offices in Linden, New Amsterdam, Corriverton, Lethem, Anna Regina and Georgetown (GPO, Customs House and Albert Street).