Business owners are no longer required to affix revenue stamps to receipts for retail purchases. This change was brought about by the passage of the Tax Amendment Bill in the National Assembly on Tuesday, following a debate.
The amendment was brought about following requests from the private sector to alleviate the burden from consumers.
Defending the bill, Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, M.P, said the requirement of revenue stamps on retail receipts has been mostly disregarded by many businesses, over the years.
“The removal of the requirement that revenue stamps be affixed to receipts issued for retail transactions, in fact, was a specific representation made by the private sector in one of the consultations that we would have had with them. And so, this act simply seeks to remove that requirement that in relation to revenue stamps, in relation to retail transactions receipts issued for retail transactions, revenue stamps shall no longer have to be affixed.”
Supporting her colleague, Minister of Tourism, Industry and Commerce, Oneidge Walrond, MP, expressed the importance of the removal of the stamps.
She reminded that the revenue stamps are paid for by consumers, thus the removal will alleviate such burden.
“This Government has a duty to ensure that it takes all necessary and appropriate measures to protect consumers, ordinary Guyanese and create a healthy, fair and conducive business environment. With this bill we seek to do so. Apart from simplification in terms of relief, this measure places an estimated $6 million per year back into the pockets of Guyanese.”