PRESS RELEASE

VAT will function as a separate division under GRA - DCG tells Chartered Accountants 

“The Value Added Tax (VAT) and Excise Tax (ET) will operate as a separate division under the Guyana Revenue Authority (GRA) for at least two years. After the first two years the success of the taxes will be measured and its functional areas reviewed,” Deputy Commissioner General of the GRA Mr. Clement Sealey announced recently at a meeting with representatives of the Association of Chartered Accountants (ACA).

Forty (40) persons were present at the session which was aimed at sensitising them on the progress to date with the VAT and ET implementation process.
Other areas discussed included, the Workplan for VAT and ET Implementation, Information Technology requirements and the Taxpayer Identification Number.

One issue raised by representatives was the current court injunction with respect to the Service Tax and Professional Fees- what happens if the case is not resolved by December 31, 2006 and the service Tax is repealed. Mr. Sealey assured them that GRA’s Legal Team would address the issue. VAT is scheduled to be implemented on January 1, 2007.