| Guyana Income Tax - Personal Taxation GYD 0-420,000: Nil
GYD 420,001-above: 33 1/3%.
No tax is imposed on income of GYD 420,000 or below . The rate on GYD 420,001 and above is 33 1/3%.
Guyana resident individuals are taxed on their worldwide income. Nonresidents are taxed only on Guyana-source income.
Individuals are resident if they live permanently in Guyana or are present in Guyana and intend to reside there permanently. Temporary absences may be regarded as consistent with such residence. ındividuals who are in Guyana for a total of more than 183 days in a calendar year are also regarded as resident for tax purposes.
Deductions and Allowances: An individual may deduct his / Her aggregate income an allowance of GYD 420,000 per year.
Tax year: Tax year is the calendar year.
Filing Status: Joint tax filing is not permitted. Each individual must file a separate tax return.
Taxable Income: Taxable income is the aggregate income from all taxable sources, calculated according to the rules applying to those different sources.
Capital Gains: Capital gains are treated as income and taxed at the normal rate if the asset disposed of was held for less than 1 year. Assets held for 25 years or more are not subject to capital gains tax. All other capital gains are subject to tax at a rate of 20%.
Capital Duty: No
Stamp Duty: GYD 1 to GYD 300 on documents
Capital Acquisitions Tax: No
Real Property Tax: An annual estate tax is levied on the assessed value of the property.
Inheritance / Estate Tax: No inheritance tax is levied where the gross value of inherited property does not exceed GYD 100,000. For property with a gross value exceeding that amount, an inheritance tax is levied at an amount of 0.50% of 1% of the gross value exceeding GYD 100,000.
Guyana Corporate Tax RatesCorporate Tax Rate for Guyana is 45% for commercial companies and 35% for non-commercial companies.
- A corporation is resident if it is managed and controlled in Guyana.
- Dividends are not included in income chargeable to tax.
- Capital gains are not included in profits and are taxed at a rate of 20%.
- Losses may be carried forward indefinitely, but the losses may not reduce taxable income in any year by more than 50%. Losses may not be carried back.
- Surtax: No.
- Alternative Minimum Tax: A minimum corporate tax equal to 2% of turnover is imposed on commercial companies in addition to the corporate income tax.
- Foreign Tax credit: Foreign tax paid may be credited against Guyana tax due for a particular year, provided there is an applicable tax treaty.
Guyana Value Added Tax (VAT) RatesVAT (Value Added Tax) is imposed on the supply of goods or services in Guyana and on imports.
VAT rate in Guyana is 16%, although certain transactions are exempt or zero rated.
Guyana Withholding TaxDividends: Dividends paid to a nonresident are subject to a 20% withholding tax.
Interest: Interest paid to a nonresident is subject to a 20% withholding tax.
Royalties: Royalties paid to a nonresident is subject to a 20% withholding tax.
Branch Remittance Tax: No, but dividend withholding tax must be paid on remittances or deemed remittances.
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