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Guyana's Budget Slashed Tax Rates, Widened VAT Net: IMF

by Ulrika Lomas, Tax-News.com, Brussels

30 June 2017


Guyana has recently implemented a number of reforms to improve value-added tax efficiency, the International Monetary Fund's latest report for the country notes.

The South American country has broadened its VAT base by bringing electricity and water consumption charges under the tax net. It has also reclassified zero-rated items as tax exempt, thereby limiting input tax credits. These measures funded a cut to the headline rate from 16 percent to 14 percent.

Other measures introduced in the territory's Budget included lowering the personal income tax rate by about two percentage points, and the corporate tax rate for non-commercial companies to 27.5 percent from 30 percent. It also increased mining royalties.

"The reform is expected to increase the contribution of consumption taxes and will bring the tax mix even more closely in line with regional [competitors]," the IMF said.

It said that the Guyana Revenue Authority (GRA) will also focus on collecting arrears and boosting compliance rates.

To encourage accurate and timely payment of taxes, the Budget introduced stronger penalties and fines for record-keeping non-compliance and for tax late payments, the IMF said.

TAGS: compliance | tax | mining | royalties | budget | International Monetary Fund (IMF) | tax credits | Guyana | penalties | Other

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