www.statusin.org

Organization : Inland Revenue Department
Type of Facility : VAT Registration Number/ Taxpayer Identification Number
Country: Grenada

Website : http://www.ird.gd/index.php/services/taxes/value-added-tax-vat
Tax e-Filing System : https://ird.gd/

Value Added Tax (VAT):

Value Added Tax (VAT) – Act 23 of 2009 – is a broad based tax on the consumption of goods and services in Grenada, by providing for the imposition and collection of a value added tax, and for related matters.

Related : IRD Inland Revenue Department Grenada Applying For Refreshment House Licence : www.statusin.org/8862.html

Registration:
Businesses with annual taxable supplies in excess of $120,000 are required to register for the VAT.

A person, who is a promoter of public entertainment, or a licensee or proprietor of a place of public entertainment, is required to be registered whether or not the person exceeds the registration threshold.

Government Entities and Investors:
A person who conducts more than one taxable activity, or who conducts one or more taxable activities through branches or divisions, must be registered in the name of the person and not in the names of the activities, branches, or divisions.

Who Pays the Tax?:
The tax is inclusive in the price of goods and services therefore the tax is paid by consumers.

Can anyone charge VAT?:
No. Only businesses that are registered for VAT with the Inland Revenue Division and display an original VAT registration certificate in a prominent position of the business.

VAT Registration Number/Taxpayer Identification Number:
The Comptroller shall issue every registered person with a unique taxpayer identification number with additional digits for VAT purposes, to the number used to identify the registered person for the purposes of income tax or another taxes administered by the comptroller.

Forms and Notices:
Forms, notices, returns, and other documents prescribed or published by the Comptroller for the purposes of the Act, may be in such form as the Comptroller determines for the efficient administration of the Act, and is valid whether or not published in the Gazette.

When is the tax due?:
This tax is due at the end of every month but payable to the Inland Revenue Division by the 20th of the following month.

Rate of Tax:
VAT is charged at the rate of 15% on most goods and services and 10% on hotel accommodation and dive operations. Some goods and services are also charged at the rate of 0%. There is a 20% tax on Cell Phones (talk and text).

To whom is the tax payable?:
This tax is payable to the Government of Grenada through the Inland Revenue Division (VAT Office).

VAT Returns and Payments:
Returns:
A taxable person shall lodge a VAT return for each tax period no later than 20 days after the end of the period.

A VAT return must :
** be lodged with the Comptroller;
** be in the form prescribed by the Comptroller; and
** contain the information specified in that form. Assessments

The Comptroller may make an assessment of the VAT payable by a taxable person if :
** the Comptroller is not satisfied as to the accuracy of a VAT return lodged by the person;
** the person fails to lodge a VAT return as required under this Act; or
** the person has been paid a refund or allowed an input tax credit under Section 49 to which the person is not entitled.

VAT payable on Imports:
The VAT payable by an importer to the Comptroller of Customs in respect of a taxable import is due and payable at the time of the import.