GRA warns registrants about the importance of VAT Return Filing

The Guyana Revenue Authority (GRA) has noted with some concern, a drastic reduction in
filing of VAT returns by VAT Registrants over the previous quarter (July to September) of 2021.
GRA warns that registrants are reminded of Section 82 (1) (a) & (b) of the Value Added Tax
Act, Chapter 81:05 which states, as follows:  “A person who fails to lodge a return within the
time required under this Act is liable for a penalty, which is the greater of one thousand dollars
per day for each day or part thereof that the return remains outstanding; or an amount equal to
ten percent of the tax payable for the period of such return, for each month or part thereof that
the return remains outstanding.”
GRA added, “Moreover, where a registrant knowingly or recklessly fails to submit a VAT
Return, such failure constitutes a criminal offence, and the person is liable on conviction to a fine
not exceeding fifteen thousand dollars ($15,000). If the person convicted of an offence fails to
lodge a return within a further period as specified by the Commissioner-General, they will be
liable to a fine of two thousand dollars ($2,000) for each day during which the failure continues,
and to three (3) months imprisonment, on conviction”.
The government’s tax agency urged registrants to also be reminded that VAT Returns are due
within fifteen (15) working days (excluding holidays and weekends) after the end of the tax
period, whether or not tax is due for that period. The tax period is one calendar month.
GRA said that taxpayers are urged that returns can be lodged at the GRA Headquarters located at
200-201 Camp Street or at any Branch Office, or can be submitted electronically via the GRA’s
Optimal eService. VAT return forms are also available for download on the GRA’s website.