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Taxation in Guyana


Any employment income accruing in or derived from Guyana is subject to income tax regardless of where the payment is received.

Individuals who are not ordinarily resident or not domiciled in Guyana and have earned income arising outside Guyana are subject to tax on that income only if it is received in Guyana.

For the purpose of these rules, the term “ordinarily resident in Guyana" when applied to an individual means an if individual who is resident in Guyana in the course of his/her customary way of life.

An individual also may be deemed to be resident any one year In which he or she resides in Guyana for more than 183 days. Deemed residence must be distinguished from ordinary residence since it is unlikely that an individual who is deemed to be resident under the 183 day rule will t be considered ordinarily resident for the purpose of taxing of his/her overseas income.

Taxable Income

Taxable income, includes all salaries wages, overtime pay, leave pay, sick bonuses, stipends, commissions, or other payments of any kind for services, directors" fees retiring allowances, compensation for the termination of any contract of employment or service, and any allowances, including the annual value of any residence, quarters, board and lodging whether paid in money or otherwise, arising or occurring in or derived from or received in Guyana in respect of employment.

Income Tax Rates

Income above the personal allowance is taxed at a rate of 33 1/3%.

Deductible Expenses

No expenses are deductible against employment income.

Personal Deductions and Allowances

All individual taxpayers are entitled to a flat allowance of G$420,000 per year (effective January 1, 2008).

Social Security

The National Insurance and Social Security Act provides for the | compulsory participation of both employers and employees in the National Insurance Scheme with limited adjustments for persons below 18 years old and above 60 years old.

Contributions at the following rates are compulsory and must be remitted by the 15th of the following month. Employees must contribute 5.2% and employers 7.8% of insurable earnings of up to G$26,229 weekly or G$113,660 monthly. The insurable earnings limit combined with the compulsory contribution rates result in maximum contributions by employees of G$1,364 weekly and G$5,910 monthly.

If insurable earnings are below the indicated limits, the contribution is calculated at the corresponding rate and rounded off to the nearest dollar.

The National Insurance Scheme provides payable benefits for sickness, maternity, medical care, disablement, death, injury, old age, survivors, invalidity and funerals.

Eligibility for these benefits requires qualifying contributions and meeting certain other conditions. The levels of benefits payable depend on the number and value of contributions made on behalf of an employee.

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