Social security contributions
There is a requirement for compulsory participation under the National Insurance scheme. There is no exemption for the employee or the employer.
Contributions at the following rates are compulsory and must be deducted by the employer and paid by the 15th day of the following month:
- Employee: 5.6% of insurable earnings.
- Employer: 8.4% of insurable earnings.
The insurable earnings ceiling is GYD 280,000 per month.
Capital gains taxes
Capital gains tax is charged at the rate of 20% on the net capital gain arising from a change of ownership of assets by an individual. Capital gains arising from the sale of property used for a private residence where the proceeds from the sale are used for the purchase of another property for a private residence of equal or greater value during the year of assessment or within 60 days of the end of the year in which the property is sold is not subject to capital gains tax. Capital gains arising from the disposal of shares in public companies are exempt.
The gain is calculated by deducting from the sales proceeds the cost of the asset. However, if the asset was acquired before 1 January 2011, then the market value of the asset at 1 January 2011 is substituted for the cost. Gains on assets disposed of within 12 months of acquisition are generally taxed as income.
Value-added tax (VAT)
VAT is charged at the rates of 14% or 0% on the taxable supply of goods and services within Guyana by a registered person.
Zero-rated supplies include goods for export, electricity supplied by Guyana Power and Light, water supplied by Guyana Water Incorporated, and international travel. Exempt supplies include educational services, residential rent, and financial services.
Individuals trading in Guyana whose taxable supplies exceed GYD 15 million are required to register and account for VAT.
Net wealth/worth taxes
There are no net wealth/worth taxes in Guyana.
Inheritance, estate, and gift taxes
Guyana does not impose inheritance, estate, or gift taxes.
Property tax is payable by individuals on the net property held at 31 December of each year.
Property includes tangible, as well as intangible, property, cash, receivables, and other rights. Liabilities are deducted from the amount of the property, and property tax is payable at the following progressive rates:
|Net property of an individual (GYD)||Property tax rate (%)|
|On the first 40 million||0|
|On every dollar of the next 20 million||1/2|
|On every dollar of the remainder||3/4|
Luxury and excise taxes
Excise tax is imposed on specific imported or home-produced products. These products include alcoholic beverages, tobacco products, petroleum products, and motor vehicles.
Stamp duty is levied at various rates on several instruments, including affidavits, statutory declarations, deeds of conveyance, mortgages, share transfers, awards of arbitrator, powers of attorney, agreements, bills of exchange, receipts, and policies of insurance.