Are you planning to sell a property or dispose of assets in an effort to make a gain on any capital? If yes, the following information will guide you on your obligations to the Guyana Revenue Authority as it relates to Capital Gains Tax. Capital Gains Tax is referred to as the tax paid by [...]
This week’s #TaxationSimplified provides guidance on the procedure to be followed by Auto Dealers seeking to obtain a licence in order to successfully drive vehicles without having to pay the tax and register them. What is the Dealers’ General Licence? The Dealers’ General Licence is a licence issued by GRA to auto dealers allowing the [...]
#TaxationSimplified: VAT & Invoices If you have recently started your VAT Registered Business then this information will be of some assistance to you, as it relates to the issuance of taxable supplies and tax invoices. It is important to note that every VAT Registered person/ business must issue a tax invoice for every taxable good [...]
#TaxationSimplified: Change in Business Information Businesses often change their business activities to improve on their operations; doing so they often neglect to inform the respective authorities to ensure they remain compliant with those agencies. Have you recently considered making changes to your business or its operations? Then keep reading because this week’s #TaxationSimplified will provide [...]
#TaxationSimplified: Taxable & Non-Taxable Allowances So you have recently landed a new job and have been granted some allowances to carry out your responsibilities. The first question you should ask is what is an Allowance? And secondly, what are the applicable taxes on these allowances? Continue reading this week’s #TaxationSimplified, as we explain how these [...]
#TaxationSimplified: Meal Allowances This week’s #TaxationSimplified, explains how employees of both the Private and Government Sectors benefit from Meal Allowances. Meal allowances are generally considered taxable and are paid to employees for the purchase of meals throughout the course of the normal working day. However, some considerations are provided to both private and public sectors [...]
This week’s #TaxationSimplified, explains how Property Tax is administered to individuals on the value of their net property. Section 2 of the Property Tax Act defines “property” as, immovable property (house and land), movable property (motor vehicles, furniture, jewellery, and paintings), rights of any kind and effects of any kind (patent, trademarks, proceeds from the [...]
#TaxationSimplified: Deduction & Remittance of PAYE DESCRIPTION: This week’s #TaxationSimplified provides guidance to employers on the deduction and remittance of Pay As You Earn (Income Taxes). Section 93 (1) of the Income Tax Act, Chapter 81:01 provides that “any remuneration paid to, earned or arising in or deriving from or received in Guyana by any [...]
#TaxationSimplified: VAT Registration DESCRIPTION: Have you considered opening a business, where a ‘VAT-able’ service will be provided? Well before you do, here’s what you need to know as it relates to value added tax application. Let’s take a look at some of the frequently asked questions and the answers to guide you: UPON OPENING MY [...]
#TaxationSimplified: Housing Allowance Are you the recipient of a housing allowance from your Employer to cover your rent, boarding or lodging expenses? Then this week’s #TaxationSimplified is for you! Is Income Tax charged on the housing allowances issued by my Employer? Section 5 of the Income Tax Act provides for the charge of Income Tax [...]
Are you planning to sell a property or dispose of assets in an effort to make a gain on any capital? If yes, the following information will guide you on your obligations to the Guyana Revenue Authority as it relates to Capital Gains Tax. Capital Gains Tax is referred to as the tax paid by [...]