Small businesses must register to benefit from tax exemptions – GRA

Small business owners have been urged by representatives of the Guyana Revenue Authority (GRA), National Insurance Scheme (NIS), Guyana National Bureau of Standards (GNBS) and the Commercial Registry to register with those entities to access services to help their businesses develop. The Small Business Bureau on Wednesday evening hosted a webinar for small and micro enterprises (SMEs) to examine solutions small business owners could use to improve their operations in 2021.

GRA’s Communications Officer Fabian Clowes, the Department of Public Information reported, said registered business owners could benefit from tax concessions/exemptions. He highlighted that small manufacturers who import raw materials and packaging materials could be exempted from paying customs duties and VAT on the imports, once they are registered and they apply to the GRA Commissioner General.
He added that tour operators in Regions One (Barima-Waini); Seven (Cuyuni-Mazaruni); Eight (Potaro-Siparuni); Nine (Upper Takutu-Upper Essequibo) and 10 (Upper Demerara-Berbice) can be eligible for exemption of payment of corporation tax for a maximum of 10 years, providing the business is registered and the Commissioner General is satisfied with the criteria for compliance.
Clowes also encouraged persons to regularly check on their tax status, to avoid unpredictable circumstances, for example, when applying for tax compliance.
Public Relations Officer of the GNBS, Lloyd David said the agency trains business owners on standards to enhance efficiency and improve quality of the service they provide as part of its business support services.
The Bureau also provides certification for measurements and has some 500 standards in play. David said SME standards could be applied to increase efficiency, productivity and quality of the product.
David added that business owners should apply for their standards from the GNBS, and they will receive assistance in the selection of the standards and guidance will be provided during the application process.
In 2021, the GNBS will target small businesses, so that they could reach the identified standards and be certified.
Business Name Supervisor from the Registry, Vandaleeza Balgobin said persons must first register their business name at the Commercial Registry to ensure they are operating legally.
She noted that business owners who register could benefit from loans and have easier access to opening bank, visa and travel accounts. Registration also provides security for a business’s name and proves legal ownership.
Meanwhile, NIS Training Officer Dane Chesney urged businesses to ensure their contributions are up to date, in case of unforeseen issues that may negatively affect them.
He said they should ensure their payments are current and comply with all requirements so they could receive compensation benefits in case of loss of income.
The webinar, titled, “Challenges and Solutions for Micro and Small Enterprises in Guyana” continued on Thursday evening.