Corporation Tax Return
Who needs to submit this return?
Any person not being an individual who is registered in or carried on business in Guyana for the approved period in which income was earned.
When does this return need to be submitted?
The due date for submitting this return is 30th April of each year (or the next business day if the 30th is a holiday or falls on a weekend). Nevertheless, you are encouraged to file as early as possible.
Where does this return need to be submitted?
This return must be submitted at one of GRA’s offices or tax sites or P.O. Box 10406.
How to fill this Return
Explanation of terms
|Year of Assessment||Enter the year that follows the calendar year in which income was earned.|
|Amendment||Tick this box if you are making changes to a Return that was already submitted to the GRA.|
|1||Taxpayer Identification Number (TIN)||Enter TIN provided on the TIN Certificate.|
|2||Registration Number||Enter number on the certificate provided by the Commercial Registry.|
|3||Small Business Certificate||Enter number on the certificate provided by the Small Business Bureau.|
|Changed?||If the details for the specific line item have changed for this period, fill in the correct information in the line item and tick this box.|
|4||Registered Name||Enter legal name on the certificate from Commercial Registry. If this has changed during this period, please check the Changed box (on the right above the Name).|
|5||Business/Trading Name(s)||If the company trades under any name(s) other than its Registered Name, enter the business/trading name(s). If this has changed during this period, please check the Changed box (on the right above the Trading Name).|
|6||Business Address||Enter address where the actual business operations are conducted. Note this may be different from the Mailing Address (see line #7). If Business Address has changed during this period, please check the Changed box (on the right above the Name).|
|7||Legal Address (if different from Business Address)||Enter legal/registered address of the organisation, as stated on the certificate from Commercial Registry. If this has changed during this period, please check the Changed box (on the right above the Name).|
|8||Accounting Period||Enter the start and end dates for the period that the income was earned. Note that if the organisation’s accounting period does not align with the usual calendar year (January to December), then written approval needs to be obtained from the Commissioner-General.|
|9||Commercial/Non-Commercial Company||A company is considered Commercial when at least 75% of its gross income is derived from trading in goods not manufactured by it. Long-term insurance company is considered a Non-Commercial company. Indicate which one best reflects the organisation during the period of income.|
|12||Was there a change in ownership over this period?||Tick the Yes box if there was a change in ownership. If there was a change, provide particulars in Schedule D.01. Schedule D.01 is not to be filled by publicly traded companies.|
|13||Financial Statements submitted||Check the box labelled Audited if the financial statements submitted with the return were audited or check Unaudited if they were not. If the submitted Financial Statements are unaudited, this Return is deemed to be incomplete pending the submission of the Audited Financial Statements.|
|16||Describe your major business activity with as much detail as possible|
|18||Turnover||Enter the total of all gross receipts (line 29) plus income earned under lines 34 to 43 during the accounting period, including all cash and credit sales, commissions and fees receivable, without any deductions for taxes or duties or expenses.|
|19||Profits/Losses from working of Estates or the Cultivation of land, etc.||Enter profit or loss from the working of estates or the cultivation of land, etc.|
|20||Profits/Losses from any Trade, Business, Profession or Vocation||Enter profit or loss from any trade, business, profession or vocation.|
|21||Dividends, Interest or Discounts from sources within Guyana||Enter dividends, interest or discounts from sources within Guyana. Interest should include interest received from mortgages, loans, bank accounts, debentures, bonds and other sources.|
|22||Dividends, Interest or Discounts from sources out of Guyana||Enter dividends, interest or discounts from sources outside of Guyana. Interest should include interest received from mortgages, loans, bank accounts, debentures, bonds and other sources.|
|23||All Charges or annuities, etc.||Enter charges or annuities, etc. It will be the same value as line 38.|
|24||Net Rents||Enter Net Rents. Use value from total of column 6 of Schedule J.05 (a) less total of column 2 of Schedule J.05 (b).
Disclose in Schedule J.05 (b) full particulars of only direct expenses including repairs, rates and taxes, fire insurance premiums and interest on mortgages or loans.
Expenses should be included in the appropriate lines in the Deductions & Allowances section.
|25||Royalties||Enter Royalties. It will be the same value as line 36.|
|26||Premiums||Enter Premiums. It will be the same value as line 37.|
|27||Total Profits (excluding Losses)||Enter the sum all profits from line 19 to line 26. Do not include any losses.|
|28||Gross Receipts or Gross Sales||Enter the total of all gross receipts (income) earned during the accounting period, including all cash and credit sales, commissions and fees receivable, without any deductions for taxes or duties or expenses. This value should exclude gross receipts/sales covered in lines 33 to 42.
Use values from totals of columns 2 and 3 of Schedule J.01 respectively.
|29||Returns and Discounts Allowed||Enter all Returns and Discounts Allowed.|
|30||Balance||Enter the difference between Gross Receipts or Gross Sales (line 28) and Returns and Discounts Allowed (line 29).|
|31||Cost of Sales or Operations||Enter Cost of Sales or Operations. Use value from line 7 of columns 2 and 3 of Schedule J.02 respectively.|
|32||Gross Profits||Enter the difference between the Balance (line 30) and Cost of Sales/Operations (line 31). This should be the same value as the total of column 4 of Schedule J.01.|
|33||Dividends and other Distributions||Enter dividends and other distributions. Use value from total of column 11 of Schedule J.03.|
|34||Interest||Enter interest. Interest should include interest received from mortgages, loans, bank accounts, debentures, bonds and other sources. Use sum of totals from columns 5 & 6 of Schedule J.04.
Not to be filled by banks and other financial institutions.
|35||Rents (Gross)||Enter gross rents. Use value from total of column 6 of Schedule J.05 (a).|
|37||Premiums||Enter Premiums. Use value from the total of column 4 of Schedule J.06.|
|38||Charges or Annuities, etc||Enter Charges or Annuities, etc. Use value from the total of column 5 of Schedule J.06.|
|39||Balancing Charge||Enter Balancing Charge. Use value from the total of column 8 of Schedule J.07 respectively. A Balancing Charge cannot exceed the total amount of allowances (initial plus wear & tear) given to the taxpayer (column 6 of Schedule J.07).|
|40||Capital Gains deemed Income||Enter Capital Gains deemed Income. Enter net gains from columns 8 & 9 of Schedule J.08 respectively. This should only include assets held for not more than 12 months.|
|41||Income not subjected to Corporation Tax||Enter Income not subject to Corporation Tax. Enter values from totals of columns 2 & 3 of Schedule J.09 respectively.|
|42||Other Income||Enter gross amount of other income not reported elsewhere in the Return.
Include recoveries of bad debts, any compensation received for the destruction of any stock, etc.
|43||Total Income||Enter the sum of line 32 to line 42.|
Do not include here any Deductions & Allowances which relate to Income Not Subject to Tax (exempt income).
|44||Remuneration of Directors (Close Companies Only)||Enter totals from columns 11 & 12 of Schedule K.01 respectively. See Section 12 of Corporation Tax Act Ch 81:03.|
|45||Employment Costs (Salaries, Wages, Allowances, Bonuses, etc)||Enter total Employment Costs including salaries, wages, allowances, bonuses, etc. The amount entered should be reconciled with the Forms 2 submitted for the period.|
|46||Repairs and maintenance||Enter Repairs and Maintenance. Do not include expenditure in respect of extensions, capital improvements or structural alteration or any expenses not wholly and exclusively incurred in the production of the income.|
|47||Bad and Doubtful Debts||Enter only specific bad or doubtful debts. In cases where company has made provision for bad or doubtful debts, only those debts which are identified as being specific should be claimed. Enter value from totals of columns 7 & 8 of Schedule K.02 respectively.|
|48||Gross Payments||Enter value from totals of columns 5 & 6 of Schedule K.03 (a) respectively.|
|49||Rates and Taxes||Enter value from total of column 3 of Schedule K.04.|
|50||Advertising||Enter Advertising costs.|
|51||Contributions to Approved Funds, Schemes or Plans||Enter Contributions to Approved Funds, Schemes or Plans. Enter value from total of column 5 of Schedule K.05.|
|52||Initial Allowance||Enter value from total of column 8 of Schedule K.06.|
|53||Wear and Tear Allowance||Enter value from total of columns 10 and 11 of Schedule K.06 for Commercial and Non-Commercial activity respectively.|
|54||Balancing Allowance||Use value from the total of column 9 of Schedule J.07.|
|55||Export Allowance||Enter value from column 8 of Schedule K.07.|
|56||Land Development Expenditure Allowance||Enter value of amount claimed (column 4) for the current year from Schedule K.08.
The amount claimed must be limited to 10% of actual expenditure incurred for this period.
|57||Donations under Covenant||Enter value from totals of columns 6 & 7 of Schedule K.09.|
|58||Preference Dividends Paid||Enter Preference Dividends Paid. Enter value from total of column 7 of Schedule K.10.|
|59||Other Deductions||Enter total amount of Deductions not reported elsewhere in the Return.|
|60||Total Deductions & Allowances||Enter the sum of line 44 to line 59|
|61||Income before income not subject to tax||Enter the difference between lines 43 and 60.|
|62||Tax Exempt Income||Enter value of totals from columns 2 & 3 of Schedule L.01 respectively.|
|63||Capital Gains from Disposal||Enter all gains from disposal. You are reminded that you are required to complete and submit Capital Gains Tax Returns in accordance with Capital Gains Tax Act Ch 81:20 for all assets disposed of during this period.|
|64||Tax Holiday Income||Separate financial statements together with a statement in the form of page 3 to 4 of the Return must be furnished in respect of each company enjoying tax holiday status. Where a special account showing the distribution and payments of interest made out of the tax exempt profits is maintained as mentioned in this account should also be attached.|
|65||Other Income Not Subject to Tax||Enter value of totals for columns 2 & 3 from Schedule L.02 respectively.|
|66||Total Income Not Subject to Tax||Enter the sum from line 62 to line 65.|
|67||Chargeable Profits||Enter value of totals for columns 4 & 5 from Schedule L.03 respectively.|
|68||Tax on Chargeable Profits||Use the appropriate tax rate. See Section 10 of Corporation Tax Act.|
|69||Total Tax on Chargeable Profits||Sum the values of the Commercial and Non-Commercial columns from line 68.|
|70||Export Credit||This only applies to Non-Commercial Companies. It is not applicable to companies engaged in Gold & Diamond Mining and Petroleum. See Section 33H of the Income Tax Act Ch 81:01.|
|71||Tourism Activities Credit||This only applies to Non-Commercial Companies. See Section 2A of the Income Tax (In Aid of Industry) Act Ch 81:02.|
|72||Double Tax Relief||See Section 89 of the Income Tax Act Ch 81:01. Enter value of the total for column 8 from Schedule M.01.|
|73||Tax Relief for Losses
|This value is the (Total Tax on Chargeable Profits (line 69 minus credits (lines 70 to 78)) * 50%.
If Sub-Total (line 74) is less than half of the Tax on Chargeable Profits (line 69), then the Tax Relief for Losses must not exceed the value of Sub-Total minus (1/2 of Tax on Chargeable Profits).
If Sub-Total equals half of the Tax on Chargeable Profits, then no Tax Relief for Losses can be claimed.
|74||MCT Credit||This only applies to Commercial Companies. Enter value of column 7 for the current year from Schedule M.02.
The value should not exceed the value of Tax on Chargeable Profit (line 68) minus (Export Credit (line 70) plus Tourism Credit (line 71) plus Double Tax Relief (line 72)). It is limited to the amount of available MCT Credit.
|75||Tax Deducted at Source||Enter value of total for columns 2 from Schedule M.03. Include here any tax deducted under Section 39 (13) of Income Tax Act Ch 81:01 and Section 10 (B) of Corporation Tax Act Ch 81: 03.|
|76||Advance Corp. Taxes Paid||Enter total amount of advance taxes paid, using the basis established for the payments of Advance Taxes (i.e, previous year, current year or any other basis).|
|77||Remission||For internal purposes only. Do not fill.|
|78||Other Tax Credits||Enter total value of all other credits not reported elsewhere in the Return.|
|79||Total Tax Credits||Enter sum from line 70 to line 78.|
|80||Tax Due||If line 69 is greater than line 79, enter difference.|
|81||Tax Refundable||If line 79 is greater than line 69, enter difference.|
Payment Of Taxes
Every person in receipt of income other than employment income is required to pay to the Commissioner General, Guyana Revenue Authority on or before 1st April, 1st July, 1st October and 31st December, in each year of income an amount equal to quarter of the tax as calculated by him on his chargeable income based on his preceding year’s return and the balance, if any, not later than 30th April of the following year.
|Year Of Income||Type of Company||Calculation|
|2008-2011||Telecommunications||45% of Chargeable Income|
|2012 – Present||Telecommunications||40% of Chargeable Income|
|2012 – 2017||Commercial||40% of Chargeable Income|
|2018 – Present||Commercial (Operating both Commercial & Non-Commercial Activities)||40% of Chargeable Income|
|2018||Non-Commercial (Operating both Commercial & Non-Commercial Activities)||27.5% of Chargeable Income|
|2019 – Present||Non-Commercial (Operating both Commercial & Non-Commercial Activities)||25% of Chargeable Income|
|2012 – 2017||Non-Commercial Ordinary (including Life/Long Term Insurance)||30% of Chargeable Income|
|1||Every person whose income is not less than the threshold for the respective Year of Income who refuses, fails or neglect to deliver a RETURN of his income to the Commissioner General on or before the prescribed day in every year is liable to a penalty not exceeding $100,000.|
|2||Where a person has not delivered a Return within the prescribed time under section 60  of the Income Tax Act, the Commissioner General may add to an assessment made upon such a person a sum equal to ten (10) per cent of the amount of the tax assessed. For Year of Assessment 2018 and onwards, where a loss or deficit Return was submitted after the prescribed time, the Commissioner General may charge a flat fee of $50,000 on each loss/deficit return submitted.|
|3||Where a person refuses, fails or neglects to make a return of chargeable Income for the year immediately preceding the Year of Assessment within the time specified in a notice issued by the Commissioner General to such person under Sec.60  of the income Tax Act the Commissioner General shall add to the assessment a sum equal to ten (10) per cent of the amount of tax assessed.|
|4||Any person who without reasonable excuse makes an incorrect return by omitting or understating any Income of which he is required by the Act to make a return, whether on his own behalf or on behalf of another, or makes an incorrect statement in connection with a claim for deduction in estimating taxable income, or gives any incorrect information in relation to any matter or thing affecting his own liability or tax or the liability of any other person, is liable to a fine not exceeding $100,000 and double the amount of the tax which has been or would have been undercharged in consequence thereof.|
|5||Any person who knowingly makes false statement or representation in any Income Tax Return or who keeps or prepares false accounts of any profits, property or gifts chargeable to Income Tax, or aids or abets any persons in such offences, is liable to a fine not exceeding $100,000 and treble the amount of Tax which has been undercharged in consequence of such false accounts, particulars, returns, statements, information of representation or could be so undercharged if the account, particulars, return, statement, information or representation has been accepted as correct and to imprisonment for six months.|
|6||Late payment of tax will attract late payment penalties and interest as outline in table below. The penalties charged shall be deemed to be part of the tax assessed and shall be recoverable accordingly.|
|CIT||For companies who initially filed Unaudited financial statements but failed to submit the audited statements by 30-sep then penalties will be calculated from 30th april.|
|CIT – Interest||When companies eventually file their audited financial statements, Interest will be applied to any additional liability irrespective of timely filing|
|CIT – LFP||Returns filed after the return due date are subject to a one-off late filing penalty of:
• 10% of the tax assessed for debit returns
• $50,000 for nil or credit returnsThis is calculated on the principal only.
Rules prior to YA 2018
After YA due date and no demand letter, 2% (of tax assessed) penalty is calculated.
|CIT – LPP||Corporation Tax debts outstanding after the payment/penalty due date are subject to late payment penalties as follows:
· 2% per month or part monthThis is annualized and calculated daily on the principal + late filing penalty (based on respective days per year).
The late payment penalty applies to both the return and to the advance tax liabilities.
Rules prior to YA 2018
|CIT – Interest||Corporation Tax debts outstanding after the payment/penalty due date are subject to late payment interest of 18% per annum.
This is annualized and calculated daily (based on respective days per year) on the principal + late filing penalty + late payment penalty.
After due date, interest is calculated on payment + late filing penalty + late payment penalty made:
Rules prior to YA 2018
|All Organisations|| i. Audited Financial Statements including Statement of Profit/Loss, Balance Sheet, Appropriate Account, Reconciliation of Fixed Assets
ii. All Schedules, as necessary