The Guyana Revenue Authority (GRA) being aware of some confusion in the public domain surrounding the tax measures outlined in the 2020 National Budget and their effective dates of implementation, would like to provide guidance regarding the said measures signed into law by His Excellency the President, Dr Irfaan Ali.
The effective dates of the measures are as follows:
- Corporation Tax exemption for Private Medical and Private Educational Institutions (effective January 1, 2020),
- Increase in the Mortgage Limit to $30M for Mortgage Interest Relief (MIR) eligibility (effective January 1, 2020)
- New/reduced Licence Fees for motor vehicles and traders (effective October 1, 2020)
- Removal of the restriction on vehicles eight years and older, half-cut vehicles, and used tyres (effective October 1, 2020)
- Removal of VAT on the following;
- Electricity and Water (effective April 1, 2020);
- Exports (effective October 1, 2020);
- Medical Supplies (effective October 1, 2020);
- Key Inputs in the Poultry Industry (effective October 1, 2020);
- Hinterland Travel (effective October 1, 2020);
- Locally produced sand, stones, concrete blocks, plywood, logs and lumber (effective October 1, 2020); and not January 01, 2021 as erroneously reported in the press.
- Capital equipment and machinery used in mining, forestry, agriculture, construction and manufacturing Industries (effective October 1, 2020).
- All-Terrain Vehicles (ATVs) used in the mining, forestry, agriculture and manufacturing Industries and by Toshaos (effective October 1, 2020).
Included separately is the full list of Zero rated and Exempt supplies (Revised October 2020) as contained in the First and Second Schedule to Value Added Tax Act, Cap 81:05 (https://www.gra.gov.gy/tax-services/vat-services/zero-rated-exempt-supplies/).
In order to keep the public informed, GRA’s Public Relations Unit had undertaken to periodically publish all of the new tax measures in the four daily newspapers and has simultaneously posted same on its social media platforms – Facebook and Instagram, Twitter, and Linkedin. The Unit has also been disseminating the said information, via its weekly television programmes “Focus on GRA” and Talk Tax” and weekly appearances on live radio.
Taxpayers are also advised to check the GRA’s website for copies of the legislative amendments and should any further clarification be required, they can make contact with the Authority’s PR Unit via email firstname.lastname@example.org and its Tax Advisory Services Section 227-6060 ext 1201 to 1204.
Verifiable information backed by references to the laws and regulations on the new tax measures, listed above, is accessible via its website link, https://www.gra.gov.gy/media/.