Private Sector Commission

Taxation

The Guyana Revenue Authority is responsible for the administration and collection of all taxes, customs duties and other revenues of the Government. The principal sections are the Secretariat of the Guyana Revenue Authority, Internal Revenue, Customs and Trade Administration and the Value-added and Excise Tax Division.

Corporate Tax Rates

Businesses are taxed at the following rates:

  1. Commercial corporations – 40%.

  2. Non-commercial corporations – 30%

  3. Unincorporated businesses – 30%

Minimum Tax

A minimum tax of 2% is applicable to commercial companies whose corporation tax payable for any year of assessment is less than 2% the turnover of the commercial company in the year of income immediately preceding the year of assessment. Commercial companies whose turnover in the applicable year of income did not exceed G$1.2 million are exempted. Certain other exemptions apply (Section 10A, Corporation Tax Act Chapter 81:03; Consolidated and Amended to December 2008).

Quarterly Payments

Businesses, including self-employed persons, are required to make quarterly payments of tax.  These are due on or before April 1st, July 1st, October 1st, and December 31st in each year of income. The amount due is equal to one quarter of the tax estimated for the year of income. (Section 69, Income Tax Act Chapter 81:01; Consolidated and Amended to December 2008).

Personal Income Tax Rates

Personal incomes are currently taxed at a flat rate of 30% above the annual income threshold of G$480,000.

Due Date

Income Tax, Corporation Tax, Capital Gains Tax and Property Tax returns are due on or before April 30th of the year following the year of income.

 

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