It is 2022 and the Guyana Revenue Authority is urging Professionals to commence renewal of their Practice Certificates. Professionals have from January 1 to February 28 each year to pay professional fees and renew their certificates in keeping with Section 37 of the Tax Act, Chapter 80:01.
The annual fee for the Tax Practice Certificate is Ten Thousand Dollars ($10,000) while the annual fee for Preparer of Returns is Twenty Thousand Dollars ($20,000).
All returns must be filed and taxes paid or the person must have entered into a payment arrangement with the GRA for taxes owing before Practice Certificates are renewed.
The First Schedule of the Tax Act, Chapter 80:01 provides that following professionals must have a Tax Practice Certificate:
- Accountants
- Auditors
- Legal Practitioners
- Medical Practitioners
- Architects
- Dentists
- Optometrists
- Engineers
- Veterinary Surgeons
- Physiotherapists
- Pharmacists
- Surveyors
- Preparer of Returns
Professionals who practice privately for reward are required by law to be the holder of a Tax Practice Certificate. A Tax Practice Certificate is valid for one year (commencing January 1 and ending December 31).
