The Guyana Revenue Authority (GRA) wishes to remind taxpayers that the due date for the submission of the following categories of Tax Returns and payment of taxes on those returns is May 3, 2022:
- Individual Income Tax Return
- Corporation Tax Return
- Property Tax Return
- Capital Gains Tax Return
In this regard taxpayers are encouraged to ensure that they make their submission by the stipulated deadline. Failing to comply with the above tax obligations will result in the payment of penalties and Interest.
A penalty of ten percent (10%) of the tax assessed will be applied if a return is submitted after May 3, 2022. Further, where payment of tax is made after the deadline, a penalty of 2% per month of the tax outstanding shall apply for each month or part thereof that the tax remains outstanding.
This is in keeping with Section 99 (1), and (2) of the Income Tax Act, Chapter 81:01.
Additionally, interest will be charged on a compound basis at the rate of 18%.
Remember the submission of the above stated returns is your responsibility. Ensure that they are submitted before the due date to avoid the payment of penalties and interest. Moreover, taxpayers are advised and encouraged to utilize our e-services platform when submitting their Returns. Visit our website eservices.gra.gov.gy and file your returns electronically.
The GRA is also urging taxpayers to use the available alternative payment options. Payment of taxes can be made via MMG, Bill Express and any of the following banking institutions online bill payment facility; Demerara Bank, Guyana Bank for Trade and Industry and Republic Bank.
File your return and make your payments now to avoid the payment of penalties and interest. File online! File on time!