Guyana

Individual - Deductions

Last reviewed - 07 July 2020

Employment expenses

No expenses are deductible against employment income in Guyana.

Personal deductions

Mortgage interest relief

The legislation provides relief equivalent to the rate of tax paid by the taxpayer on the gross interest paid on first time mortgages amounting to GYD 15 million or less.

Standard deductions

There are no standard deductions that are applicable for income tax purposes in Guyana.

Personal allowances

A resident individual is entitled to an allowance of GYD 780,000.

Business deductions

All expenses wholly and exclusively incurred in the production of income are deductible in Guyana.

Losses

Losses incurred in any year from trade, business, profession, or vocation carried on by any person, either solely or in partnership, may be carried forward indefinitely and offset against taxable income in the year or years following, until the losses have been completely utilised.

The loss to be offset may not reduce taxable income in any year by more than 50%.

No loss carrybacks are allowed.