Guyana

Corporate - Significant developments

Last reviewed - 18 July 2022

The 2022 National Budget was presented on 26 January 2022. During their presentation, the Government proposed certain fiscal and tax measures. It is expected that some of the proposed measures will be enacted in the coming months. Until such time, the following changes do not form part of Guyana's tax legislation.

Value Added Tax & Excise Tax

The proposed measures are as follows:

  • Removal of 10% excise tax and 14% Value Added Tax on the importation of motor trucks less than four years old, of any tonnage utilised for transport of goods
  • Removal of 14% Value Added Tax on the importation of new haulers for pulling containers or similar vehicles for pulling
  • Removal of 10% excise tax on the importation of new double-cab pickups below 2000 cc
  • Reduction of excise tax from 110% to 75% for new double-cab pickups between 2000 and 3000 cc
  • Removal of 10% excise tax on the importation of new single cab pickups below 3000 cc
  • Removal of 14% Value Added Tax on cranes, safety equipment, and oil spill response equipment
  • Reduction of the excise tax rate on gasoline and diesel from 20% to 10%

Withholding Tax

The proposed measures are as follows:

  • Removal of 2% Withholding Tax on payments made to Guyana resident contractors
  • Removal of 20% Withholding Tax on interest income on individuals' bank savings accounts, where the interest income does not exceed $10,000 per annum