GRA Income Tax Rates in Guyana for 2024

A resource-rich country with multi-sector opportunities, the Co-operative Republic of Guyana (hereafter referred to as ‘Guyana’) presents an ideal location to access global markets. Committed to economic transformation, the government has introduced several tax and fiscal initiatives for investors. The tax system in Guyana is administered by the official tax body, the Guyana Revenue Authority (GRA).

What is income tax? Income tax refers to payments that individuals or companies are required to make to the government based on earnings derived from various sources. These earnings or income may include employment wages, pensions and investments. 

The Income Tax Act, Cap. 81:01 provides guidance and support in the form of income tax tables for individuals and businesses. Taxpayers must familiarize themselves with these tax tables and the corresponding income tax brackets and income tax rates, for effective tax planning and to remain compliant with the tax laws of Guyana.

Here you will learn more about:

• headline tax rates
• personal income tax (PIT) rates
• corporate income tax (CIT) rates
• capital gains tax (CGT) rates
• withholding tax rates for residents and non-residents
• value-added tax (VAT) rates

Headline Tax Rates in Guyana

Personal Income Tax (PIT) Rates for Individuals in Guyana for 2024

Income is taxable in Guyana when accrued or derived from Guyana. An individual’s residence status or receipt of income within the country are not relevant factors in assessing whether such income is taxable. No deduction of income tax under the Pay as You Earn (PAYE) system should be made from an employee’s remuneration where their gross income is GYD$100,000 or less.

Tax tables are provided by the GRA for easy reference including details on applicable penalties and submission requirements. 

Personal Income Tax Due Dates

Corporate Income Tax (CIT) Rates in Guyana for 2024

Companies that engage in both commercial and non-commercial activities are taxed at dual-rates:

• 25% for the non-commercial activity
• 40% for the commercial activity

Private corporate educational institutions and private medical healthcare institutions have been, however, exempt from corporation tax since 2020.

Corporate Income Tax Due Dates

Capital Gains Tax (CGT) in Guyana

Withholding Tax Rates for Residents and Non-Residents in Guyana

In general, withholding tax (WHT) is levied on residents and non-residents. Rates may vary depending on the type of payment (such as dividends, interest and royalties). However, Guyana is a signatory to several double taxation treaties (DTTs) which means varying WHT rates. A taxpayer may benefit from the provisions of these DTTs. 

It is important to note that where the DTT maintains a higher rate than the statutory rate (as is the case for Canada, for example), then the lower statutory rate of 20% will apply.

Value-Added Tax Rate in Guyana