The Guyana Revenue Authority has issued a reminder to all Oil and Gas companies operating in Guyana of their obligation to pay Premium Tax. Premium Tax is defined “as an assessment levied by a state, usually on the premium collected by Insurance Companies.”
According to the GRA Advisory, “the payment of premium tax should be accompanied by a return submitted by the 14th of the month, detailing the aggregate of all premiums paid attracting the said tax, during the previous calendar month and the amount of tax deducted.”
Chapter 81:01 of the Income Tax Act outlines the requirements for the payment of Premium Tax and failure to comply with these requirements is an offense.