Guyana: Revenue Administration Declare on Removal of VAT from Cement
Spread the love
The Guyanese Revenue Authority declared that cement will be zero-rated VAT from April 29. Taxpayers who have previously paid VAT on cement may recoup it using the refund process.
The refund mechanism includes such measures:
For taxpayers to carry over input tax credits for six months in a row and apply to the tax authorities for a refund of the excess input tax creditable if they are unable to recuperate all the input VAT.
Permitting taxpayers to claim the excess tax paid of 50% of the taxable supply for the tax period is zero-rated.
Giving a VAT refund in cash or credit against the amount owing by the recipient of the supply for taxpayers who are not VAT registered and pay VAT after the effective date of the zero-rate exemption.