…GRA warns of multi-pronged action to target defaultersA ‘ridiculous’ low number of property tax returns are being filed annually and the Guyana Revenue Authority (GRA) is warning that several government agencies will be enlisted to tackle the situation.This was the description used by Commissioner-General of GRA, Khurshid Sattaur, yesterday, as he disclosed that a mere 7,000 persons filed for their returns. Self-employed persons and employees have until April 30 to file.The Commissioner-General said that while he is not in a position to pronounce on the number of properties owned, the number of “prominent, well-endowed residential areas existing with fantastic properties,Cheap NFL jerseys China, and housing schemes opening up,Cheap Jerseys Online, paint the picture and is an indication that persons are neglecting their obligations to file property tax returns.”According to the tax boss, the level of returns currently being filed in this category is ridiculously low and unacceptable.GRA records about motor vehicles registered, persons who are required to have a Taxpayer Identification Number and the number of self-employed persons indicate that there is need for much improvement in the filing of property tax returns.“Our records show that less than seven thousand persons in this country are filing Property tax Returns,China Jerseys Cheap, which is a far cry from what should be,” Sattaur said.With well over 80,000 vehicles registered in Guyana, it is reasonable to expect 50,000 property tax returns.The law requires any individual who owns net property in excess of $1.5M to file a Property Tax Return. Where net property is in excess of $7.5M persons are required to pay property tax at a rate of one-half per cent on the first $5M and three-quarters of a percent on the remainder.However, Sattaur noted that owning properties, which include all movable assets and immovable assets, does not place an obligation to file a tax return since an individual is entitled to clear all liabilities in arriving at the net property.Further, the obligation to pay taxes only arises where the taxpayer has net property at the end of?the year in excess of $7.5 million.Persons who fail to file returns by the due date will pay a penalty of two per cent of the tax assessed, and where a demand notice is issued for the submission of the return a five per cent penalty will apply. Interest will also be calculated for taxes paid after the due date.GRA, Sattaur disclosed, will soon embark on a campaign to engage various government agencies such as the Ministry of Housing, Guyana Lands and Survey Commission,Cheap NFL Jerseys, Local Authorities and village councils to garner information on property owners and persons who recently constructed buildings.Thereafter, GRA will conduct an exercise to ensure Property Tax Returns are filed.The Commissioner-General said that prior to enforcement,Cheap Jerseys From China, a public awareness and education exercise will be launched to deal specifically with property tax, since it is a serious obligation.“We will also be using various umbrella bodies such as the Private Sector Commission to get the message across,China Jerseys NFL,” he said.Public education has been ongoing and is intensifying. GRA will be expecting 50,000 Property Tax Returns to be filed by the April 30 deadline, as well as 90,000 Income Tax Returns.GRA is also facing huge challenges in the form of smuggling from Brazil, Venezuela and Suriname.