Rate of VAT returns static
-commissioner
Stabroek News
May 8, 2007
The Guyana Revenue Authority (GRA) says the rate of Value-Added Tax (VAT) returns for the first quarter of 2007 has ranged from 75 to 80 per cent and returns for March, which were due on April 25, recorded approximately 78 per cent on time.
According to a press release from the GRA, Assistant Commis-sioner Compliance Ron Simboo said the reason for the static level of returns is that some businesses for one reason or the other are finding it difficult to file on time.
He said a contributing factor to the late filing of returns is that some businesses are still not keeping proper books and records, which in turn makes it difficult for them to extract the correct figures and to do so in a timely manner.
"The GRA reiterates that it is of absolute importance that businesses maintain proper books and records of their purchases and sales as this will allow for the easy extraction of figures for filling in the VAT return (VAT 200)," he said.
Simboo noted that the department has begun penalising persons for late filing.
The fine for late filing is $1,000 for every day, or part thereof, that the return remains outstanding or 10 percent of the tax due, whichever is greater, the GRA said.
The press release reminded that businesses that had no transactions for the month are still required to submit a VAT return.
The GRA advised that VAT registrants can submit returns to any of the GRA branch offices in Linden, New Amsterdam, Corriverton, Lethem, Anna Regina and George-town (GPO, Customs House and Albert Street).