Have you recently made changes to your business operations or have considered doing so? If your business is registered to charge Value Added Tax (VAT), then this discussion applies to you. The following information focuses on the guidelines as it relates to the change of circumstances of the business information of VAT registered taxpayers.
IN WHAT CIRCUMSTANCES, DOES THE CHANGE OF BUSINESS INFORMATION
AFFECT THE OPERATIONS OF A VAT REGISTERED BUSINESS/PERSON?
A registered taxpayer must notify the Commissioner – General, in writing, of any change in business operation within fifteen days of the change(s). Changes in business operations affecting a VAT Registered business are categorised accordingly:
- Any change in the name, address, place of business, constitution, or nature of the principal taxable activity or activities of the person;
- Any change of address from which, or name in which, any taxable activity is carried on;
- Any change in circumstances if the person ceases or closes on a temporary basis unless notification of permanent termination and consequently, cancellation of registration is applicable.
IF I NEGLECT TO INFORM THE COMMISSIONER – GENERAL OF ANY CHANGES TO MY BUSINESS, HOW DOES SAME AFFECT MY OBLIGATIONS TO THE GRA AS A VAT REGISTERED BUSINESS?
Unless the registered person notified the GRA of any changes affecting the operations of their business, the taxpayer remains liable to the GRA in accordance with its initial responsibilities as stipulated by the Value Added Tax Act.
ARE THERE ANY OTHER STIPULATIONS, WHICH REQUIRES ME TO PROVIDE ADDITIONAL DETAILS TO THE GUYANA REVENUE AUTHORITY, WHERE CHANGES OCCURRED TO THE OPERATIONS OF OR INFORMATION RELATIVE TO MY BUSINESS?
Taxpayers are urged to provide notice to the GRA should the following changes occur:
- Changes in details provided on the application for registration
- Closure of business
- Change of main taxable activity
- Change of Business Status
- Change of name or other particulars of partnership, joint ventures, etc
WHAT ARE MY RESPONSIBILITIES AS A VAT REGISTRANT?
A VAT Registered person or business must fulfill the following obligations based on
the VAT Act, Cap. 80:05:
- To charge, collect and remit Value Added Tax/li>
- To display the VAT Registration Certificate issued, in a conspicuous place at each location at which the taxable activities are conducted (place of business)/li>
- To lodge a tax return with the Commissioner – General for each tax period, within fifteen days after the end of the period, whether or not tax is required in for the said period./li>
- To maintain in Guyana, accounting records in the form of accounts, books, computer-stored information, or any other documents/li>
- To facilitate audit visits by the Guyana Revenue Authority
