E-filing of taxes to be mandatory for certain companies

first_imgThe Guyana Revenue Authority (GRA) plans to make e-filing mandatory for specific brackets of taxpayers to improve the efficiency of tax collection in 2019.This initiative is one of many the Authority had announced when it unveiled the first phase of its e-services earlier this year.GRA Headquarters on Camp Street, GeorgetownFollowing the amendment to Section 3 of the Income Tax Act, Chapter 81:01, this long-awaited e-service provides a platform that enables individual taxpayers and companies to submit tax returns online.During the Budget 2019 presentation in the National Assembly, Finance Minister Winston Jordan said this was part of the process of creating a Large Taxpayer Unit (LTU), which was established in 2017 aiming to provide proper and dedicated customer care service. He noted that the Unit was responsible for bringing in over $4 billion in tax revenue. According to Minister Jordan, an Oil and Gas Unit will also be established within the LTU, dedicated to ensuring appropriate revenues are paid to the State by petroleum producers.“The Government has secured the support of international institutions to undertake capacity-building initiatives in the GRA and other institutions, providing expert advice in several areas, including cost-oil audit and production sharing agreements,” the Minister explained.last_img