Guyana Tax Agency Announces Zero-Rated VAT on Cement

The Guyanese Revenue Authority May 6 announced zero-rated VAT on cement, effective April 29. Taxpayers that have already paid VAT on cement may use the refund mechanism to reclaim VAT. The refund mechanism includes measures: 1) requiring taxpayers to carry-forward input tax credits for six consecutive months, and apply to the tax authority for a refund of the excess input tax creditable if they are unable to recoup all the input VAT; 2) allowing taxpayers to claim the excess of taxes paid when a minimum of 50 percent of the taxable supplies are zero-rated for the tax period; and 3) ...