Business persons who now fall below the new General Consumption Tax (GCT) threshold will have the option to apply to the Commissioner General to be re-registered.

This is being facilitated through amendments to the GCT Act, which were approved during Friday’s sitting of the Senate.

Kamina Johnson Smith, Leader of Government Business in the Upper House, who piloted the Bill, said the amendments are intended to give effect to the policy ensuring the voluntary registration of persons who fall below the new GCT threshold, but who opt to remain registered taxpayers.

As part of the 2019/2020 fiscal year revenue measures, the Government increased the GCT threshold from $3 million to $10 million.

http://rjrnewsonline.com/business/business-operators-below-new-gct-threshold-now-able-to-re-register