Persons charging VAT are required by law to submit a Value Added Tax (VAT) return. The return is a declaration on the amount of VAT collected during a tax period (a tax period is one calendar month). The return must be submitted within fifteen (15) official working days of the following month (e.g. the January 2020 VAT return must be submitted to the GRA on or before Friday 21 February 2020).
The VAT return may be submitted to the Value Added Tax Department or to any branch office of the Guyana Revenue Authority. You can download the VAT return form from the GRA website. Taxpayers also have the option of submitting their VAT returns online using the e-Services.
Failure to submit your Returns will result in penalties – criminal or civil:
- Civil – Failure to submit a VAT return within the time required (15 working days) will result in a penalty of $1,000 (or greater) per day, each day (or part), or 10% of the taxes owed.
- Criminal – If you knowingly or recklessly fail to submit a VAT Return, you will be fined $15,000. In addition, if the GRA notifies you in writing that you have been given more time to submit the VAT return and you still fail to comply, you will be fined $2,000 per day and face imprisonment for 3 months.
- If you repeatedly fail to submit a tax return, the GRA may obtain a court order to close your business premises for a period between three to thirty days.