Penalties will be imposed from tomorrow (May 1, 2019) on taxpayers failing to submit their income tax returns. Taxpayers have up to today to submit their returns for the period January 1 through December 31, 2018.
In a public announcement, the Guyana Revenue Authority (GRA) urged taxpayers to “avoid the penalties. Submit your tax returns on time.”
According to GRA, April 30 (today) is the statutory deadline for submission of all Income, Property, Corporation and Capital Gains Tax Returns and for the payment of the remaining taxes due for the year of Assessment 2019 (year of income 2018).
GRA has noted that the late submission of tax returns will attract a penalty of 10 percent. Also a flat fee of $50,000 will be applied to each loss/deficit return submitted after the prescribed time. The Revenue body has also revealed that based on Section 6 (1) (c) of the Financial Administration and Audit Ac, interest is imposed on late payment of tax at the rate of two percent per annum.
Moreover, in order to submit returns with ease and convenience, the Revenue Authority has also established a number of tax sites. These tax sites are located at the City Mall (second floor), the Guyana Post Office headquarters (North Road Entrance) and the empty parking lot obliquely opposite GRA’s headquarters (Camp Street).
In addition, taxpayers can still submit their returns at all Integrated Regional Tax offices and the GRA headquarters.