GRA welcomes price reduction: February 16, 2007
The Guyana Revenue Authority (GRA) is heartened by the gradual stabilising and reduction of prices observed in the second week of February 2007.
Prices obtained for December 2006 and January and February 2007 from the Ministry of Tourism, Industry and Commerce and the GRA indicate a gradual reduction in prices obtained in January.

Essential items such as rice, sugar, salt, onion, milk, oil, egg, meat and detergent have all shown reduction in the base price recorded in January 2007.
These prices have been obtained from a pool of business outlets in Georgetown and some outlying Regions. As such these findings cannot be extrapolated for the other areas in Georgetown.

Despite complaints however, against some businesses in rural and outlying areas in the country the GRA notes the stabilising of prices for key items in these areas.
This suggest that more businesses are maintaining their prices on items that are matched with zero-rating status in relation to the Consumption tax and reducing prices on items that were taxed at previously higher rates.
We are confident that ultimately consumers and businesses will benefit from this efficient tax system.

Meanwhile, the GRA is reminding businesses that their January VAT Return is due on February 21, 2007. Businesses have a responsibility not only to the GRA but to their consumers whose VAT they have collected.
Likewise, businesses are urged to ensure compliance with invoicing requirements and to ensure that they maintain other records in accordance with the law.
In this regard, the GRA invites taxpayers with concerns about the filing of their Returns to contact the VAT Department.

VAT Returns and payments can be submitted in Georgetown to the Customs and Trade Administration, Main Street; Inland Revenue Department, GPO Building, Robb Street; VAT and Excise Tax Department Albert and Charlotte Streets, Georgetown and GRA Regional Branch Offices.