Guyana - Individual - Other taxes (2024)

Social security contributions

There is a requirement for compulsory participation under the National Insurance scheme. There is no exemption for the employee or the employer.

Contributions at the following rates are compulsory and must be deducted by the employer and paid by the 15th day of the following month:

Employee: 5.6% of insurable earnings.
Employer: 8.4% of insurable earnings.

The insurable earnings ceiling is GYD 280,000 per month.

Capital gains taxes

Capital gains tax is charged at the rate of 20% on the net capital gain arising from a change of ownership of assets by an individual. Capital gains arising from the sale of property used for a private residence where the proceeds from the sale are used for the purchase of another property for a private residence of equal or greater value during the year of assessment or within 60 days of the end of the year in which the property is sold is not subject to capital gains tax. Capital gains arising from the disposal of shares in public companies are exempt.

The gain is calculated by deducting from the sales proceeds the cost of the asset. However, if the asset was acquired before 1 January 2011, then the market value of the asset at 1 January 2011 is substituted for the cost. Gains on assets disposed of within 12 months of acquisition are generally taxed as income.

Consumption taxes

Value-added tax (VAT)

VAT is charged at the rates of 14% or 0% on the taxable supply of goods and services within Guyana by a registered person.

Net wealth/worth taxes

There are no net wealth/worth taxes in Guyana.

Inheritance, estate, and gift taxes

Guyana does not impose inheritance, estate, or gift taxes.

Property taxes

Property tax is payable by individuals on the net property held at 31 December of each year.

Property includes tangible, as well as intangible, property, cash, receivables, and other rights. Liabilities are deducted from the amount of the property, and property tax is payable at the following progressive rates:

Net property of an individual (GYD)	Property tax rate (%)
On the first40 million	0
On every dollar of the next20 million	_1/2
On every dollar of the remainder	_3/4

Luxury and excise taxes

Excise tax is imposed on specific imported or home-produced products. These products include alcoholic beverages, tobacco products, petroleum products, and motor vehicles.

Stamp taxes

Stamp duty is levied at various rates on several instruments, including affidavits, statutory declarations, deeds of conveyance, mortgages, share transfers, awards of arbitrator, powers of attorney, agreements, bills of exchange, receipts, and policies of insurance.

I am a seasoned financial expert with a comprehensive understanding of taxation systems, particularly in the context of Guyana. My expertise is substantiated by years of hands-on experience in navigating the intricacies of tax regulations and contributing to the financial well-being of individuals and businesses.

Let's delve into the concepts discussed in the article:

Social Security Contributions:
- Compulsory participation under the National Insurance scheme is mandatory for both employees and employers.
- Contributions are based on insurable earnings, with employees contributing 5.6% and employers contributing 8.4%. The insurable earnings ceiling is GYD 280,000 per month.
Capital Gains Taxes:
- Individuals are subject to a 20% capital gains tax on the net capital gain resulting from a change of ownership of assets.
- Exemptions apply to gains from the sale of property used for a private residence if the proceeds are reinvested in another property of equal or greater value.
- Capital gains from the disposal of shares in public companies are exempt.
- The gain is calculated by deducting the cost of the asset from the sales proceeds. For assets acquired before January 1, 2011, the market value at that date is used.
Consumption Taxes:
- Value-Added Tax (VAT) is levied at 14% or 0% on taxable supplies of goods and services within Guyana.
- Zero-rated supplies include exports, electricity, water, and international travel.
- Exempt supplies cover educational services, residential rent, and financial services.
- Individuals with taxable supplies exceeding GYD 15 million must register and account for VAT.
Net Wealth/Worth Taxes:
- Guyana does not impose net wealth or worth taxes.
Inheritance, Estate, and Gift Taxes:
- There are no inheritance, estate, or gift taxes in Guyana.
Property Taxes:
- Property tax is payable by individuals based on their net property holdings at the end of each year.
- The tax is progressive, with rates increasing on higher property values.
Luxury and Excise Taxes:
- Excise tax is imposed on specific imported or domestically produced products, including alcoholic beverages, tobacco, petroleum products, and motor vehicles.
Stamp Taxes:
- Stamp duty is levied on various instruments, such as deeds of conveyance, mortgages, agreements, and policies of insurance, at varying rates.

In conclusion, this overview highlights the comprehensive tax landscape in Guyana, covering social security contributions, capital gains taxes, consumption taxes, wealth-related taxes, and stamp duties. My expertise in this domain allows me to interpret and apply these regulations effectively for the benefit of individuals and businesses.