Georgetown, Wednesday, March 2, 2022: Ahead of the April 30th deadline for filing Tax Returns, officers from the Guyana Revenue Authority’s Tax Advisory Services Section are busy educating and informing taxpayers to comply with the filing requirements and the importance of doing so in a timely manner.
Recently, officers from Tax Advisory Services facilitated workshop sessions with staff at the National Insurance Scheme and the Delegation of the European Union, Sendall Place. The sessions highlighted among other things, the Pay As You Earn (PAYE) system and guidelines for employers to make deductions and remit same. Participants were informed of companies and organisations’ obligations, in both public and private sectors, to declare particulars for employees during the previous year, and file monthly returns (Form 5s) of tax deductions from their employees.
February 28th, 2022 was the deadline for employers to honour their legal requirements to submit Employer’s Returns or Form2s (this must include a declaration, details (spreadsheet), and summary) of the total number of persons employed during 2021 and to issue those individuals with 7B Slips. Employees need their 7B Slips to file accurate and timely Income Tax Returns.
The GRA in its quest to go paperless, continues to encourage employers and employees to file their Form2’s, Corporation Tax, Property Tax, Income Tax and other returns online using GRA’s eServices platform via the tax administration’s software, Optimal Revenue Management System (RMS). The platform, which is accessible via the link eservices.gra.gov.gy, allows registered users to submit their returns from the convenience of their homes or offices thereby eliminating risks of missing the deadline and paying penalties. During these sessions, taxpayers are also reminded of and encouraged to use the alternative payment options via online banking, Mobile Money Guyana, Bill Express, and ASYCUDA.
In the coming weeks, the GRA will focus on employees and sole traders/Self-employed persons as it continues its education and awareness exercises on the provisions in the tax laws regarding the income tax threshold, allowable deductions, chargeable income and the rate of tax applied to income earned in the year 2021.
Further, the Revenue Authority hopes to boost voluntary compliance through its Public Relations Unit with ongoing tax education broadcasts via traditional media and social media.
April 30th is the due date for submitting Income, Property, Corporation, and Capital Gains Tax Returns and the payment of the balance of taxes for Year of Income 2021. Taxpayers desirous of an engagement can contact GRA’s Tax Advisory Services Section on 227-6060 ext. 8000.
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