Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698072272256.pdf (Guyana)
THE OFFICIAL GAZETIE [LEGAL SUPPLEMENT]- B 5™ DECEMBER, 2006 659 GUYANA '} No.

12 of 2006 REGULATIONS Made Under THE VALUE-ADDED TAX ACT 2005 (Act No.

10 of 2005) IN EXERCISE OF THE POWERS CONFERRED UPON ME BY SECTION 95 OF THE V 4UE-ADDED TAX ACT 2005, I MAKE THE FOLLOWING REGULATIONS:- Citation.

Oaimfor input tax crediL 1.

These Regulations may be cited as the Value-Added Tax (Transitional) Regulations 2006.

2.
2.

In calculating the amount of value-added of the first three tax periods person tax (VAT) payable after the VAT in his claim as input in respect the taxable may include by a taxable becomes tax credit credit person effective, under section calculated 24 of the Act an amount equal to a transitional and claimed in accordance with these Regulations.

Transitional credit.

3.


Where a taxable person held, at the end of 3151 December goods acquired to the satisfaction 2006, qualifying substantiated, amount of consumption amount eligible subject to these Regulations.

credit as the transitional 2006, and has during December the of the Commissioner-General, the of those goods, tax paid on the acquisition amount, is that substantiated Input tax allowances.

4.
4.

If a taxable person is allowed amount is deemed to be input tax credit the Act in the tax period transfer subject to VAT.

in which the goods in question allowable credit, a transitional the 24 of under section in a are supplied Qualification of goods.

credit 5.
credit 5.

No transitional of the acquisition respect those goods in a supply qualify for input tax credit is allowed for consumption tax paid in of of goods if VAT imposed on the acquisition after the effective date of the VAT would not under section 24 of the Act.

Claim for transitional credit.

credit 6.

A claim for transitional for consumption tax paid on qualifying goods on hand, on the date of the entry into operation VAT, is allowable December submitted, for VAT.
to be registered 2006, an application only if the claimant no later than 15th of the Inventory of goods.

7.

A taxable person submit with the first VAT return an inventory hand as of 31st December the payment is required credit a transitional of all qualifying goods on of by documentary of consumption 2006, supported claiming evidence tax.

to 660 THE OFFICIAL GAZETIE [LEGAL SUPPLEMENT]- B 5™ DECEMBER, 2006 Disallowances of transitional credit 8.
Disallowances effective for the purposes tax date of the VAT shall not be treated as a 4( 17) of the Act.

paid before the disallowance credit of a transitional of section for consumption Eligibility requirements.

credit 9.

(1) No transitional is allowed of an in respect inventorised period from 1 credit.
the item until it has been sold, and only items sold during for the st March 2007 shall qualify st January 2007 to 31 (2)Claimants for transitional credits shall be required to provide evidence documentary (3)Transitional 2006 and sold during during to 31 consumption st March 2007 will be restricted tax rate actually of sales of the re spec ti ve items.

for inventorised credit from 1 the period to the applicable is lower.
items acquired st January 2007 VAT rate or the paid, whichever December (4)The first-in-first-out (FIFO) method of accounting to determine which goods are on hand at the end of 31 st shall be applied December applied January to determine 2007 to 31 st March 2007. shall be 2006 and the same FIFO method of accounting from 1 the period which goods are sold during st audit and verification (5)All claims for transitional credit prior to being allowed as input credit.
shall be subject to 10.For purposes of these Regulations, goods are deemed to have been acquired during December 2006 if: i)in the case of imported goods, the applicable from 1 the period tax was paid during st December 2006 to consumption 2006; or st December 31 consumption December ii)in the case of manufactured goods, tax became due and payable st December 2006. from 1 during the period the applicable 2006 to 31 st Made this 5th day of December, 2006.

�--····· Minister of Finance.