The deadline for the submission of income, property, partnership, corporation, and capital gains tax returns is today, Tuesday, May 2. This deadline was extended from Sunday, April 30 by the Guyana Revenue Authority (GRA). Taxpayers are encouraged to lodge their returns and pay all outstanding taxes by this deadline.
Failure will see the tax body immediately enforcing penalties. Leading up to the prescribed date, the GRA embarked on awareness campaigns to sensitise the public on the laws relating to the filing of returns and the attended penalties for failure to comply with these laws.
Even if your income is below the statutory threshold of $900,000 for 2022, and if you are self-employed, you are still obligated to file your income tax return on or before May 2. An individual who submits their property, partnership, corporation, and capital gains tax returns late, will be required to pay a penalty of 10 percent of the tax assessed.
Additionally, individuals will also be subject to a late paying penalty of two per cent per month of the tax outstanding for each month the tax remains outstanding. Interest will be charged on a compound basis at the rate of 18 per cent per annum.
“Once you are earning income, you are obligated to pay taxes…If you are employed, your employer is tasked with the responsibility of deducting and remitting the taxes on your behalf. If you are self-employed, you are responsible for remitting your taxes to the GRA,” GRA has advised.
The submission of tax returns and the payment of taxes are of utmost importance since it allows individuals to become tax compliant, the tax body has said, noting that being tax compliant enables an individual or company to obtain a Certificate of Compliance quickly and with ease.
According to GRA, paying taxes helps to foster the country’s economic growth, and provides healthcare, education, infrastructure, and other public goods and services to its citizens.
Moreover, taxpayers are advised that besides at GRA’s Camp Street, Georgetown headquarters, Licence Revenue Office, Railway Embankment, East Coast Demerara (ECD) and the Guyana Post Office (GPO), Robb Street, Georgetown, they can also utiltise the agency’s e-services platform at eservices.gra.gov.gy when submitting their tax returns.
The GRA is also urging taxpayers to use the available alternative payment options.
Payment of taxes can be made via MMG, Bill Express, and any of the following banking institutions’ online bill payment facilities; Demerara Bank, Guyana Bank for Trade and Industry, and Republic Bank.
Persons residing out of town are encouraged to file their returns at their respective Integrated Regional Tax Offices. Though the GRA collected $242B in revenue in 2021, the Auditor General flagged the fact that some 76 per cent of self-employed persons did not file their tax returns.
According to the Auditor General Report of 2021, 87,267 self-employed persons did not file their income tax returns, out of 114,838. This means that only 27,211 persons, or 24 per cent, filed their tax returns, which totalled $4 billion.
