Guyana

Resident companies are liable to tax on their worldwide income. Non-resident companies that carry on a trade or business in Guyana are subject to tax on the income that is derived from Guyana.

The current rates of corporate tax are as follows:

* A commercial company is one that derives at least 75% of its gross income from goods not manufactured by it or if it is engaged in telecommunication, banking, or insurance (other than long-term insurance).

Minimum Corporation Tax (MCT)

Commercial companies (other than insurance companies) are subject to tax at the rate of 40% of chargeable profits or 2% MCT of turnover, whichever is higher. Any excess MCT over tax at the normal rate is carried forward for setoff against corporate tax payable in subsequent years, provided that in no year is the tax payable reduced to less than 2% of turnover.

Local income taxes

There are no additional income taxes imposed on companies.