MEAL ALLOWANCE
#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 [...] PROPERTY TAX – INDIVIDUALS
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 [...] DEDUCTION & REMITTANCE OF PAY AS YOU EARN (PAYE)
#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 [...] VAT REGISTRATION
#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 [...] HOUSING ALLOWANCE
#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 [...] Tax Operations Policy – Vacation Allowance
The Guyana Revenue Authority (GRA) is continuing its efforts to sensitise the general public on the various taxes it administers, so as to promote voluntary compliance. DEFINITION OF TERMS: Vacation Allowance The Income Tax Act does not provide a definition for Vacation allowance. However, the number of days worked entitles an employee to vacation allowance, [...] Tax Operations Policy #12 – Certificate of Compliance
The Guyana Revenue Authority (GRA) is continuing its efforts to sensitise the general public on various issues to ensure compliance. This policy serves as the guiding principle governing the issuance of a Certificate of Compliance. A Certificate of Compliance is a document issued by the GRA to an individual or company as proof that all [...] Tax Operations Policy#9 – Payments to Non – Resident Companies: Contractors/Sub-Contractors
The Guyana Revenue Authority (GRA) is continuing its efforts to enhance its mission by sensitizing the general public on various issues, to ensure compliance. This policy is intended to provide a better understanding of the statutory provisions concerning payments to non-resident contractors/subcontractors. Local businesses, organizations and individuals may employ the services and expertise of non-resident [...] ADVISORY – Special Investigation Unit (SIU) Hotline
In an eff ort to promote integrity among its internal and external stakeholders, the Guyana Revenue Authority has launched a hotline service to deal speci fically with reports of staff involved in activities aff ecting the integrity of all its stakeholders, including that of the Revenue Agency. Individuals who possess information regarding O fficers involved […]