Guyana's tax regime includes corporate income tax, VAT, payroll taxes, withholding tax, capital gains tax, property tax, and excise tax. Businesses operating in Guyana must ensure compliance with the tax laws and fulfill their tax obligations. It is advisable to consult with a tax professional or refer to the official website of the Guyana Revenue Authority for the latest tax regulations and requirements. By understanding and adhering to the tax framework, businesses can navigate the tax landscape in Guyana and contribute to the growth and development of the country's economy.
Corporate Income Tax:
Guyana imposes a corporate income tax on the profits earned by companies operating within its jurisdiction. The corporate income tax rate in Guyana is progressive, based on the level of taxable income. As of the knowledge cutoff date in September 2021, the tax rates for corporations are as follows:
- Companies engaged in non-commercial activities: 27.5%
- Companies engaged in commercial activities: 25%
It's important to note that Guyana operates on a worldwide tax system, meaning that worldwide income is subject to taxation in Guyana.
Types of Business Taxes in Guyana:
- Value Added Tax (VAT): Guyana operates a VAT system, which is applicable to the supply of goods and services. The standard VAT rate in Guyana is 14%. However, certain goods and services may be exempted or zero-rated.
- Payroll Taxes: Employers in Guyana are required to withhold and remit payroll taxes on behalf of their employees. The payroll taxes include National Insurance Scheme (NIS) contributions, PAYE (Pay As You Earn) tax, and other statutory deductions.
- Withholding Tax: Guyana imposes withholding tax on various types of payments made to non-residents, including dividends, interest, royalties, and technical service fees. The withholding tax rates vary depending on the nature of the payment and can range from 20% to 30%.
- Capital Gains Tax: Capital gains tax is applicable in Guyana on the disposal of specified assets, such as real estate, shares, and certain other investments. The tax rates vary depending on the type of asset and the holding period.
- Property Tax: Property owners in Guyana are subject to an annual property tax. The tax rate is based on the property's assessed value and is determined by the Guyana Revenue Authority.
- Excise Tax: Excise tax is levied on specific goods produced or imported into Guyana, such as alcoholic beverages, tobacco products, and motor vehicles.
Guyanese Tax Authority Website:
For detailed and up-to-date information on business taxes in Guyana, it is recommended to visit the official website of the Guyana Revenue Authority (GRA). The GRA is the tax authority responsible for tax administration in the country.
Guyana Revenue Authority Website: Official Guyana Revenue Authority Website
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