Individual - Significant developments

Last reviewed - 01 September 2023

Proposed fiscal and tax measures

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.

Personal income tax (PIT)

Proposed PIT measures are as follows:

  • Increase in monthly income tax threshold from 65,000 to 75,000 Guyanese dollars (GYD).
  • Insurance premiums paid for life and medical insurance to be deductible against chargeable income up to 10% of income or GYD 30,000 monthly, whichever is lower.
  • Ceiling on low-income loans obtained through commercial banks under the low-income housing loans programme supported by the government to be increased from GYD 12 million to GYD 15 million.