TAXATION

Q: Who is required to lodge a VAT Return?

R: Every taxable person is required to lodge a tax return for each tax period with the Commissioner within fifteen (15) days after the end of the period.

For more information, click on the link: http://www.gra.gov.gy/value-added-tax-vat/returns

 

INCOME TAX

“The Tax upon the chargeable income of every person, other than a company, shall be at the rate of thirty percent”.

The change takes effect from January 1, 2013 (Year of Assessment 2014) and applies to income earned for the year 2013.

Yearly Monthly Fortnightly Weekly Daily
$600,00 $50,000 $23,077 $11,538 $1644

NB: The 30 % rate of Income Tax is applied to income in excess of the Personal Deduction.

For more information, click on the link: http://www.gra.gov.gy/income-tax/computing-income-tax

 

Income Tax Returns must be submitted on or before April 30 of each year for the income earned in the previous year.

INDIVIDUAL TAX RETURN FORM : http://gra.gov.gy/images/GRA_Forms/Taxes/indivpt.pdf

 

IFRS STANDARDS

International Financial Reporting Standards (IFRS Standards) is a single set of accounting standards, developed and maintained by the International. Accounting Standards Board (the Board) with the intention of those standards being capable of being applied on a globally consistent basis—by developed, emerging and developing economies—thus providing investors and other users of financial statements with the ability to compare the financial performance of publicly listed companies on a like-for-like basis with their international peers. 

 

International Financial Reporting Standards
# Name Issued
IFRS 1  First-time Adoption of International Financial Reporting Standards  2008*
IFRS 2  Share-based Payment  2004
IFRS 3  Business Combinations  2008*
IFRS 4  Insurance Contracts  2004
IFRS 5  Non-current Assets Held for Sale and Discontinued Operations  2004
IFRS 6  Exploration for and Evaluation of Mineral Assets  2004
IFRS 7  Financial Instruments: Disclosures  2005
IFRS 8  Operating Segments  2006
IFRS 9  Financial Instruments  2014*
IFRS 10  Consolidated Financial Statements  2011
IFRS 11  Joint Arrangements  2011
IFRS 12  Disclosure of Interests in Other Entities  2011
IFRS 13  Fair Value Measurement  2011
IFRS 14  Regulatory Deferral Accounts  2014
IFRS 15  Revenue from Contracts with Customers  2014
IFRS 16  Leases  2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Accounting Standards
Column1 Column2 Column3
International Accounting Standards    
# Name Issued
IAS 1  Presentation of Financial Statements  2007*
IAS 2  Inventories  2005*
IAS 3  Consolidated Financial Statements  
Superseded in 1989 by IAS 27 and IAS 28  1976  
IAS 4  Depreciation Accounting  
Withdrawn in 1999     
IAS 5  Information to Be Disclosed in Financial Statements  
Superseded by IAS 1 effective 1 July 1998  1976  
IAS 6  Accounting Responses to Changing Prices  
Superseded by IAS 15, which was withdrawn December 2003   
IAS 7  Statement of Cash Flows  1992
IAS 8  Accounting Policies, Changes in Accounting Estimates and Errors  2003
IAS 9  Accounting for Research and Development Activities  
Superseded by IAS 38 effective 1 July 1999     
IAS 10  Events After the Reporting Period  2003
IAS 11  Construction Contracts  
Will be superseded by IFRS 15 as of 1 January 2018  1993  
IAS 12  Income Taxes  1996*
IAS 13  Presentation of Current Assets and Current Liabilities  
Superseded by IAS 1 effective 1 July 1998     
IAS 14  Segment Reporting  
Superseded by IFRS 8 effective 1 January 2009  1997  
IAS 15  Information Reflecting the Effects of Changing Prices  
Withdrawn December 2003  2003  
IAS 16  Property, Plant and Equipment  2003*
IAS 17  Leases  
Will be superseded by IFRS 16 as of 1 January 2019  
  2003*  
IAS 18  Revenue  
Will be superseded by IFRS 15 as of 1 January 2018  1993*  
IAS 19  Employee Benefits (1998)  
Superseded by IAS 19 (2011) effective 1 January 2013  1998  
IAS 19  Employee Benefits (2011)  2011*
IAS 20  Accounting for Government Grants and Disclosure of Government Assistance  1983
IAS 21  The Effects of Changes in Foreign Exchange Rates  2003*
IAS 22  Business Combinations  
Superseded by IFRS 3 effective 31 March 2004  1998*  
IAS 23  Borrowing Costs  2007*
IAS 24  Related Party Disclosures  2009*
IAS 25  Accounting for Investments  
Superseded by IAS 39 and IAS 40 effective 2001   
IAS 26  Accounting and Reporting by Retirement Benefit Plans  1987
IAS 27  Separate Financial Statements (2011)  2011
IAS 27  Consolidated and Separate Financial Statements  
Superseded by IFRS 10, IFRS 12 and IAS 27 (2011) effective 1 January 2013  2003  
IAS 28  Investments in Associates and Joint Ventures (2011)  2011
IAS 28  Investments in Associates  
Superseded by IAS 28 (2011) and IFRS 12 effective 1 January 2013  2003  
IAS 29  Financial Reporting in Hyperinflationary Economies  1989
IAS 30  Disclosures in the Financial Statements of Banks and Similar Financial Institutions
Superseded by IFRS 7 effective 1 January 2007  1990  
IAS 31  Interests In Joint Ventures  
Superseded by IFRS 11 and IFRS 12 effective 1 January 2013  2003*  
IAS 32  Financial Instruments: Presentation  2003*
IAS 33  Earnings Per Share  2003*
IAS 34  Interim Financial Reporting  1998
IAS 35  Discontinuing Operations  
Superseded by IFRS 5 effective 1 January 2005  1998  
IAS 36  Impairment of Assets  2004*
IAS 37  Provisions, Contingent Liabilities and Contingent Assets  1998
IAS 38  Intangible Assets  2004*
IAS 39  Financial Instruments: Recognition and Measurement  
Superseded by IFRS 9 effective 1 January 2018 where IFRS 9 is applied  
  2003*  
IAS 40  Investment Property  2003*
IAS 41  Agriculture  2001

 

For more detailed information, click on the link: http://www.iasplus.com/en/standards/standards#international-financial-re...