Individual - Tax administration

Last reviewed - 01 February 2024

Tax returns

Tax returns are to be filed by 30 April following the year of income.

Payment of tax

Individuals who are employed pay taxes by payroll deduction under the pay-as-you-earn (PAYE) system. The responsibility is on the employer to deduct and remit the taxes to the tax authority by the 14th day of the month following that in which the employment income was paid.

Self-employed persons are required to pay taxes quarterly in advance on 1 April, 1 July, 1 October, and 31 December of each year.

Any outstanding balance is payable on or before 30 April in the following year.

WHTs on payments to non-residents are due 30 days after the payment was made.

Tax audit process

The Commissioner of Tax has wide powers under the Act and may by oneself or via a duly authorised tax officer enter onto any premises at any reasonable time to request information for the purpose of administering the taxing legislation. There are, however, no specific rules as to how an audit should be conducted.

Individuals are generally selected randomly for audit, and the frequency is usually every three years. Persons are generally required to provide financial information and supporting documentation to the tax personnel.

The tax authority is the Guyana Revenue Authority.

Statute of limitations

An individual carrying on business in Guyana is required to keep proper accounts and records and is required to retain these accounts for a period of at least eight years after the completion of the transactions, acts, or operations to which they relate.

The Commissioner is empowered to raise an assessment for tax or additional tax within seven years after the expiration of the year of assessment.