Guyana

Individual - Income determination

Last reviewed - 07 July 2020

Employment income

Employment income includes salaries, wages, director fees, overtime pay, leave pay, sick bonus, stipends, commissions, compensation for termination of service, and the estimated value of any accommodation provided.

Equity compensation

There are no formal rules or laws governing the treatment of equity compensation, and, as such, any such benefit received by an employee will be taxed in accordance with general principles and case law.

Capital gains

Gains on assets disposed of within 12 months of acquisition normally are taxed as income. Otherwise, gains are subject to capital gains tax. See Capital gains taxes in the Other taxes section for more information.

Dividend income

Dividends paid by resident companies to resident individuals are exempt from tax, while a 20% WHT is charged on dividends paid to non-residents, subject to relief under a double taxation treaty (e.g. 15%, 10% or 0%)

Interest income

Interest from savings accounts and other accounts with banks and financial institutions is subject to a 20% final WHT. If a person's total income from all sources is less than GYD 600,000, that person will be entitled to a refund of the tax withheld on the interest income.

Rental income

There is no special tax treatment applied to rental income, which is subject to tax at the prevailing rate of tax.

Exempt income

In addition to dividends paid by a resident company to a resident individual, income exempt from tax includes:

  • Emoluments payable to members of permanent consular services of foreign countries for services rendered in their official capacity.
  • Emoluments payable to personnel of a government other than the government of Guyana who are in Guyana in connection with a technical cooperation or assistance programme or project where the agreement establishing such programme or project provides.
  • Emoluments payable to personnel of the government of the United States of America in connection with a programme or project to be carried out under the Agreement for Technical Co-operation 1951.
  • Income arising from any scholarship, exhibition, bursary, or any similar educational endowment held by a person receiving full time instruction at a university, college, school, or other educational establishment.
  • Any emoluments payable under an incentive scheme approved by the Minister.
  • Social security benefits.