GRA engages contractors in Linden on best practices
Officers from the Guyana Revenue Authority (GRA) on Wednesday last met with contractors and sub-contractors in Linden to enlighten them on tax obligations in the profession including the procedure for obtaining a Tender Certificate of Compliance and ensuring that their employees’ deductions are paid.
A Tender Certificate of Compliance which is now valid for six months instead of three months is one of the key documents required for contractors operating in that capacity solely or as a partnership when bidding for a government contract. In obtaining the document, the applicant must be in possession of a Taxpayer Identification Number (TIN) and ensure all Tax Returns are filed and taxes paid.
Manager of the GRA’s Tax Advisory Services Section Naresha Bobb-Semple, who led the discussion, expounded on the importance of maintaining books and records and preparing income and expenditure statements so as to corroborate claims for expenses incurred directly on the business or through sub-contracting.
She also addressed the need for contractors in their capacity as employers to remit Pay As You Earn (PAYE) on a monthly basis and ensure the NIS contributions of their employees are treated as a deduction.
Brochures, booklets forms and other reading materials were distributed to the contractors.
The Forum was hosted by the Linden Chamber of Industry Commerce and Development at the Linden Enterprise Network Building Republic Avenue, Linden Region Ten. Sub-contractors and those aspiring were also present.
Those who are involved in construction were advised on the application of Value Added Tax (VAT) to cement. The VAT Act provides for the zero-rating of “a supply of locally produced sand, stone, concrete blocks, plywood, lumber or similar materials of a type and quality used for construction, but not including items containing imported materials, except in the case of concrete blocks and plywood.”