Financial Crime World

Compliance Regulations for Property Transactions and Government Contracts Come into Effect in Guyana

The Guyana Revenue Authority (GRA) has implemented new compliance regulations for taxpayers engaged in property transactions and government contracts. These regulations aim to ensure that taxpayers meet their tax obligations before proceeding with these types of transactions.

Compliance Requirements for Property Transactions

For property transactions, including sales and gifts of land, the GRA requires taxpayers to obtain a Compliance Certificate as proof that their tax obligations have been met. To achieve this, individuals must provide specific documents, including:

  • Completed application forms
  • Copies of transport or title deeds
  • Vendor and purchaser Taxpayer Identification Numbers (TIN)
  • Income and property tax returns for the last eight years
  • Payment of all taxes due

In cases where the property is being gifted from a deceased estate, additional documents such as probate, letters of administration, and the deceased’s TIN must also be provided.

Compliance Requirements for Government Contracts

For government contracts, taxpayers are required to:

  • Obtain a Taxpayer Identification Number (TIN)
  • Submit tax returns for the past three years
  • Have paid all taxes due or made arrangements to pay them, including:
    • Customs duties
    • Income tax
    • PAYE
    • Excise tax
    • Value-added tax
    • Property tax

Taxpayers seeking compliance certification for government contracts can obtain an application form from the GRA’s Compliance Section at its headquarters or branch offices. The completed form must be accompanied by a range of supporting documents, including proof of payment of all taxes due.

Online Application and Email Addresses

The GRA has established email addresses for taxpayers to submit online applications for compliance certification:

Next Steps

Taxpayers who have met all the requirements will be allowed to proceed with the compliance process. It is essential for taxpayers to ensure that they comply with these regulations to avoid any issues or penalties.

By implementing these compliance regulations, the GRA aims to promote a culture of tax compliance and ensure that taxpayers meet their obligations in a timely and accurate manner.