VAT returns static – GRA still concerned about book and records: April 30, 2007  
The rate of Value Added Tax (VAT) returns for the first quarter of 2007 has ranged from seventy-five to eighty percent. Returns for March which were due on April 25, 2007 recorded approximately seventy-eight percent on time.

Assistant Commissioner Compliance, Mr. Ron Simboo said that the reason for the static level of returns is that some businesses for one reason or the other are finding it difficult to file on time.

He said that a contributing factor to the late filing of returns is that some businesses are still not keeping proper books and records, which in turn makes it difficult for them to extract the correct figures and to do so in a timely manner.

The Guyana Revenue Authority (GRA) reiterates that it is of absolute importance that businesses maintain proper books and records of their purchases and sales as this will allow for the easy extraction of figures for filling in the VAT return (VAT 200).

Mr. Simboo noted that the Department has begun penalizing persons for late filing.
The fine for late filing is $1,000 for every day, or part thereof, that the return remains outstanding or 10 percent of the tax due, which ever is greater. 

Businesses that had no transactions for the month are still required to submit a VAT return.

Staff of the VAT and ET Department are available to offer advice and assistance to VAT registrants who need clarifications or assistance with filing their returns.

VAT registrants are advised that returns can be submitted to any of the GRA branch offices in Linden, New Amsterdam, Corriverton, Lethem, Anna Regina and Georgetown (GPO, Customs House and Albert Street).

The GRA remains committed to working with stakeholders to ensure VAT is effective and that there is maximum compliance with the law so that Guyanese would soon receive the real benefits of VAT.