The GRA wishes to provide guidance to our stakeholders (business and consumers) on how to use the Value-Added Tax (VAT) “Tax Fraction”. With effect from 2016 the rate of VAT was reduced to fourteen percent (14%) from sixteen percent (16%). This is in keeping with Regulations 2 pursuant to Section 9(1) of the Value-Added Tax [...]
The Guyana Revenue Authority in an effort to sensitize the public on legislative changes, has prepared the Value-Added Tax (VAT) on Capital Equipment and Machinery policy. Section 2 of the VAT Act Chapter 81:05 defines capital goods as “an asset, or a component of an asset, which is of a character subject to an allowance [...]
The Guyana Revenue Authority continues to provide assistance to the general public on various issues regarding the application of Value-Added Tax (VAT). This policy addresses VAT and the Fishing Sector. ZERO-RATEDSchedule I, Paragraph 2 (c) of the VAT Act Chapter 81:05 states that, “a supply of goods where the Commissioner is satisfied that the goods [...]
This policy seeks to clarify the role of a representative of a VAT registrant in keeping with the Value-Added Tax Act, Chapter 81:05. Definition of “Representative” Section 53 (1) of the Value-Added Tax Act, Chapter 81:05 defines “representative” in relation to a taxable person, means- (a) in the case of a corporation, the treasurer or [...]
The following policy forms the guiding principle with respect to education services and educational material and it provides the comprehensive list of the educational materials that are zero rated. Schedule 1, Paragraph (16) (a) of the Value-Added Tax (VAT) Act 81:05, zero-rates “a supply of educational services provided by private educational institutions”. Prior to January [...]
The Guyana Revenue Authority continues to outline the application of Value-Added Tax (VAT) to specific goods and services. This policy therefore outlines the guidelines with respect to the application on the supply of various types of meats. Schedule I, Paragraph 13(y) of the VAT Act, Chapter 81:05, zero-rates a supply of, “fresh, chilled or frozen [...]
The Guyana Revenue Authority continues to provide assistance to the general public on different issues regarding the application of Value- Added Tax (VAT) on specific items in Schedule I of the VAT Act, Chapter 81:05, which lists goods and services that are zero rated for VAT purposes. Schedule I, Paragraph 13 of the VAT Act [...]
This policy forms the guiding principle as it relates to Value-Added Tax Exempt items which may be used within the sports sector. Schedule II, Paragraph 5 of the Value-Added Tax Chapter 81:05, states that, “The following supplies of sports gear and sports equipment are exempt for the purposes of section 18- (a) a passenger vehicle [...]
The following forms the guiding principle regarding the application of Value-Added Tax (VAT) on garments produced by local manufacturers. Schedule I of the Value-Added Tax Act Chapter 81:05, provides the list of items zero-rated for VAT purposes. Paragraph 14 (r) and (t) of Schedule I zero-rates a supply of, “locally produced towels, rags, handkerchiefs and [...]
Year of Income (YI) Year of Assessment (YA) (Personal Allowance) Amount of Deduction NIS Medical & Life Insurance Premium Threshold Rates on Chargeable Income 2007 2008 $336,000 33 1/3% 2008 2009 $420,000 33 1/3% 2009 2010 $420,000 33 1/3% 2010 2011 $420,000 33 1/3% 2011 2012 $480,000 33 1/3% 2012 2013 $600,000 33 1/3% 2013 2014 $600,000 30% 2014 2015 $600,000 - 30% 2015 2016 $600,000 5.6% Jan. – Sept.-$170,812 Oct-Dec. -$200,000 - 30% 2016 2017 $660,000 5.6% (maximum of $220,000) - [...]