GRA defers tax payments for businesses hard-hit by COVID-19

The Guyana Revenue Authority (GRA) has deferred the payment of corporate and individual advance taxes and PAYE for businesses hard-hit by the novel coronavirus disease (COVID-19) pandemic including those in the tourism sector until June 30, 2020.

The measure applies to airline and tourism and associated industries, such as hotels and transportation, “who continues to employ their employees, or send their employees on extended vacation leave, without penalty and interest,” the GRA said in a statement yesterday. Thereafter businesses would be allowed to pay advance taxes on the current year basis, it said.

Stabroek News reported recently that more businesses here have begun implementing measures to prevent the spread of COVID-19.

While some have decided to close until further notice, others have reduced working hours and implemented protocols to limit the amount of persons visiting their entities at any one time.

President of the Tourism and Hospitality Association of Guyana (THAG) Mitra Ramkumar has said most businesses in the hospitality industry have seen a reduction of patrons. He noted that in light of this, operators have made the decision to have staff on rotation or asked that staff proceed on annual leave or no pay leave.

Hotels last week reported that they have seen a reduction in occupancy and fear that the situation will take a turn for the worse given that the ports of entry are shut.

Ramkumar had said that the tourism and hospitality sector is likely to be the most affected and the impacts have the potential to crush the industry.

The total number of confirmed COVID-19 cases in Guyana stands at five, inclusive of one death. The other four persons are in isolation.

With COVID-19 cases soaring worldwide, a number of countries are taking measures to limit the economic impact of the virus.