Verified Facts
The tax rates in Guyana range from 20% to 40% for personal income, with a corporate tax rate of 40%, a value-added tax (VAT) rate of 14%, and a capital gains tax rate that is included in the income tax brackets.
Tax laws change frequently. Always consult a qualified tax professional for advice specific to your situation. This is a general guide only.
Quick Facts
Tax System Overview
Guyana has a territorial tax system, which means that only income earned within the country is subject to taxation. However, residents are also taxed on their worldwide income, with credits available for taxes paid in other countries. To be considered a resident for tax purposes, an individual must be present in Guyana for at least 183 days in a calendar year. This can include days spent in the country for work, vacation, or other purposes. The residency rules are important for determining tax liability, as residents are subject to taxation on their worldwide income, while non-residents are only taxed on income earned within Guyana.
The tax system in Guyana is administered by the Guyana Revenue Authority (GRA), which is responsible for collecting taxes, customs duties, and other revenue. The GRA also provides guidance and support to taxpayers, including individuals and businesses, to help them comply with their tax obligations. The tax system is based on a self-assessment approach, where taxpayers are required to file their tax returns and pay their taxes on time. The GRA also conducts audits and investigations to ensure compliance with tax laws and regulations.
Personal Income Tax
| Income Bracket (GYD) | Tax Rate |
|---|---|
| 0 - 660,000 | 20% |
| 660,001 - 1,320,000 | 25% |
| 1,320,001 - 2,200,000 | 30% |
| 2,200,001 - 3,300,000 | 35% |
| 3,300,001 and above | 40% |
| Taxpayers in Guyana are allowed to claim deductions and allowances on their income tax returns, including deductions for mortgage interest, charitable donations, and medical expenses. Taxpayers are also required to file their tax returns by April 30th of each year, and must pay their taxes on time to avoid penalties and interest. The tax authority provides guidance on the filing requirements and procedures, and taxpayers can also seek the help of tax professionals to ensure compliance with tax laws and regulations. |
Corporate & Business Tax
- The corporate tax rate in Guyana is 40%, which applies to all companies, including foreign companies operating in the country.
- Small businesses with annual turnover of less than GYD 10 million are eligible for a reduced tax rate of 20%.
- Guyana has several free zones, including the Guyana Free Zone and the Skeldon Energy Inc. Free Zone, which offer tax incentives and other benefits to companies operating within these zones.
- Companies operating in Guyana are required to register with the GRA and obtain a tax identification number (TIN) before commencing business.
- Companies are also required to file their tax returns and pay their taxes on time, and must comply with all tax laws and regulations.
VAT / Sales Tax
- The standard VAT rate in Guyana is 14%, which applies to most goods and services.
- A reduced VAT rate of 0% applies to basic necessities such as food, water, and medicine.
- Certain goods and services, such as education and healthcare, are exempt from VAT.
- Tourists visiting Guyana may be eligible for a VAT refund on certain purchases, such as hotel accommodations and tourist services.
For Expats & Foreign Workers
- Expats and foreign workers are considered tax residents in Guyana if they are present in the country for at least 183 days in a calendar year.
- Guyana has double taxation treaties with 15 countries, including the United States, Canada, and the United Kingdom, which can help reduce tax liability for expats and foreign workers.
- Expats and foreign workers are required to obtain a TIN and register with the GRA before commencing work in Guyana.
- Expats and foreign workers may be eligible for certain tax deductions and allowances, such as deductions for housing and education expenses.
- Expats and foreign workers are required to file their tax returns and pay their taxes on time, and must comply with all tax laws and regulations.
- Social security contributions are also required for expats and foreign workers, which can provide benefits such as retirement pensions and healthcare.
Crypto & Investment Income
- Investment income, including dividends, interest, and capital gains, is subject to taxation in Guyana.
- Cryptocurrency is considered a taxable asset in Guyana, and gains from the sale of cryptocurrency are subject to capital gains tax.
- Dividends received by shareholders are subject to a withholding tax of 20%, which can be reduced or eliminated under certain double taxation treaties.
- Interest income, such as interest on bank deposits and loans, is subject to a withholding tax of 20%, which can also be reduced or eliminated under certain double taxation treaties.