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Pursuant to Section 2 of the VAT Act, the VAT fraction means the fraction calculated using the formula R/ (1+R); where R is the rate of tax applicable to the taxable sale (14%). The VAT fraction is [14 %/ (1+14%)]…
The following forms the guiding principle when advertising or quoting prices for goods and/or services that are subject to VAT at the standard rate of 14 %. Persons registered for Value Added Tax (VAT), must charge VAT on all goods…
The Guyana Revenue Authority continues to provide assistance to the general public on various issues regarding the application of the Value- Added Tax (VAT). This policy addresses VAT Returns. In accordance with section 31 of the Value Added Tax Act…
It is mandatory under the VAT Act that certain books and records be maintained. These records are necessary for the determination of taxable purchases and supplies made, input VAT refundable and output VAT payable to the Guyana Revenue Authority (GRA).…
The Guyana Revenue Authority (GRA) continues to provide assistance to the general public on various issues regarding the application of VAT. This policy therefore seeks to advise the public on issues regarding VAT Registration. A business must be registered with…
A number of registered businesses have effected changes or are contemplating changes, relating to details of their business operations subsequent to Value Added Tax (VAT) registration. However, it should be noted that these changes must be communicated to the Guyana…
The Guyana Revenue Authority hereby advises taxpayers that based on the Amendments to the Value-Added Tax Act, Cap81:05, the following is the revised list of zero-rated supplies as contained in Schedule 1 to the Act.This list shall be deemed to…
The Guyana Revenue Authority (GRA) hereby advises taxpayers that based on the Amendments to the Value - Added Tax Act, Cap81:05, the following is the revised list of exempt supplies as contained in Schedule II to Act. This list shall…
Have you recently made changes to your business operations or have considered doing so? If your business is registered to charge Value Added Tax (VAT), then this discussion applies to you. The following information focuses on the guidelines as it…
Are you the recipient of a housing allowance from your Employer to cover your rent, boarding or lodging expenses? Then this week’s #TaxationSimplified is for you! Is Income Tax charged on the housing allowances issued by my Employer? Section 5…
