Who is required to file a Tax Return?
- (a) Every employee whose income for the year 2004 was in excess of $216,000.00
- (b) Every Individual who conducted business in Guyana during the year 2001, whether you made a gain or loss.
- (c) The Corporate Secretary of a Company registered in Guyana.
- (d) The Principal Partner or in his/her absence the Attorney, Agent, who is resident in Guyana.
- (e) Every partner or in his/her absence the Attorney or Agent.
What returns a Tax Payer should file?
- (a) An employee is required to file:
- (a) INCOME TAX RETURN, if your income is in excess of $224,000.00 per year.
- (b) PROPERTY TAX RETURN, if the net property is in excess of $1.5 million,
- CAPITAL GAINS TAX RETURN, if you have sold or transferred assets at a net gain during the year 2004.
- (b) Self Employed Tax Payers should file (1) INCOME TAX RETURN, whether a gain or loss was made in conducting your business; (11) PROPERTY TAX RETURN, if the NET Property is in excess of $1.5 million dollars; (111) CAPITAL GAINS TAX RETURN if you have sold or transferred assets at a net gain during the year 2004.
- (c) Corporate Tax Payers should file (1) CORPORATE TAX RETURNS (11) PROPERTY TAX RETURNS if the NET PROPERTY is in excess of $ 500,000.00 (111) CAPITAL GAINS TAX RETURNS if a gain was made on any asset sold or transferred during 2004.
- (d) Partnership Firms should file (1) Income Tax Return for the Partnership (11) a Property tax Return for the Partnership. Each individual partner is also required to submit a separate Income Tax Return of his/her share of income in the partnership and a Property Tax Return if the Net Property is in excess of $1.5 Million.
What documents should a Tax Payer submit with the completed Tax Returns?
- (a) An employee should submit either a FORM 7 (A) or 7 (B) INCOME STATEMENT from the employer with the completed INCOME TAX RETURN.
- (b) SELF-EMPLOYED TAX PAYERS should submit with the completed INCOME TAX RETURN (1) Trading and Profit Loss Account or Income and Expenditure Statement for the period ending 31ST December 2004 (11) Balance Sheet as at 31st December 2004,
- (c) CORPORATE TAXPAYERS should submit with the completed CORPORATE Tax Return (1) Audited Profit and Loss Account for the year ending 31st December 2004 (11) Audited Balance Sheet as at 31st December 2004 and (111) A Report of the Auditors.
When is the dead line for FILING TAX RETURNS?
The prescribed date for filing your INCOME TAX RETURN, PROPERTY TAX RETURN, CORPORATION TAX RETURN and CAPITAL GAINS TAX RETURN is 30th APRIL, 2002.
Where do I deliver my Tax Returns?
Income Tax , Property Tax and Capital Gains Tax Returns can be delivered to the Internal Revenue’s MAIN OFFICE, at G.P.O.Building, Robb Street, Georgetown, or to the relevant Branch Office either at LINDEN, NEW AMSTERDAM or CORRIVERTON. Where there is no INTERNAL REVENUE Branch Office, TAXPAYERS can post the RETURNS to the Commissioner, Internal Revenue, G.P.O Building, Robb Street, Georgetown, which must reach the INTERNAL REVENUE on or before the 30th April, 2002.
Corporation Tax Returns must be delivered to the Main Office, G.P.O. Building, Robb Street, Georgetown. What is the penalty for filing a Tax Return after the 30th April, 2004 ? Late submission of your TAX RETURN attracts penalties: (a) 2% of the TAX assessed, (b) where demand notices were issued and the time specified for submitting the return has expired, 5% of the TAX assessed.
What are the TAX RATES for YA 2004 (year of income 2003)?
Income Tax rates are:
20% of the first $134,000.00 of the amount of CHARGEABLE INCOME.
33 1/3% of the remainder of CHARGEABLE INCOME.
Property Tax rates are:
For Individuals,
0% on the first $7.5 million of NET PROPERTY.
½% for every dollar of the next $5 million of NET PROPERTY and
¾% for every dollar of the remainder of NET PROPERTY.
For Companies,
0% on the first $1.5 million,
½% of every dollar for the next $5 million of the NET PROPERTY,
¾% for every dollar of the remainder of NET PROPERTY.
Corporation Tax rates are:
45% for COMMERCIAL COMPANIES or a minimum tax of 2% on turnover.
35% for the NON-COMMERCIAL COMPANIES. What is the TAX EXEMPT THRESHOLD for YA 2004 (Year of Income 2003)? Income Tax,
The TAX EXEMPT THRESHOLD is $20,000.00 per month or $224,000.00 per year.
Property Tax,
INDIVIDUALS, the TAX EXEMPT THRESHOLD for NET PROPERTY is $7.5 million.
COMPANIES, the TAX EXEMPT THRESHOLD for NET PROPERTY is $1.5 million.
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