20/03/2023, 08:42 Income Tax Rates & Threshold - Guyana Revenue Authority

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Income Tax Rates & Threshold

January 31, 2023

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20/03/2023, 08:42 Income Tax Rates & Threshold - Guyana Revenue Authority

Year of Assessment Medical & Life Insurance Threshold Rates on

Year of Income (YI)  (Personal Allowance) Amount of Deduction NIS
(YA) Premium Chargeable Income

2007 2008 $336,000 33 1/3%

2008 2009 $420,000 33 1/3%

2009 2010 $420,000 33 1/3%

2010 2011 $420,000 33 1/3%

2011 2012 $480,000 33 1/3%

2012 2013 $600,000 33 1/3%

2014 2015 $600,000 – 30%

2015 2016 $600,000 5.6%   30%

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20/03/2023, 08:42 Income Tax Rates & Threshold - Guyana Revenue Authority

Jan. – Sept.-$170,812 –

Oct-Dec. -$200,000

5.6%

2016 2017 $660,000 – 30%

(maximum of $220,000)

1/3 5.6% 28% on the First

$720,000
  $1,440,000 of
2017 2018 On Income above (maximum of $220,000) Chargeable Income
On Income under
–
($2,160,000)
($2,160,000)   40% on the Balance
remaining of

Chargeable Income

28% on the First

$720,000
1/3 $1,440,000 of
  Chargeable Income
On Income under 5.6% (maximum of
2018 2019 On Income above
($2,160,000) $240,000)
– 40% on the Balance
($2,160,000) remaining of
 
Chargeable Income

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$780,000 28% on the First

5.6% (maximum
1/3 $1,560,000 of
On Income under   Chargeable Income
Jan $240,000
2019 2020 On Income above
($780,000*3
Feb-Dec $256,800) – 40% on the Balance
=$2,340,000)
($2,340,000) remaining of
 
  Chargeable Income

$780,000 28% on the First

1/3 $1,560,000 of
On Income under   Chargeable Income
5.6% (maximum of
2020 2021 On Income above
 ($780,000*3 $280,000)
– 40% on the Balance
=$2,340,000)
($2,340,000) remaining of

  Chargeable Income

$780,000 28% on the First

1/3 $1,560,000 of
On Income under Chargeable Income
5.6% (maximum of
2021 2022 On Income above –
 ($780,000*3 $280,000)
40% on the Balance
=$2,340,000)
($2,340,000) remaining of

  Chargeable Income

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On Income under 28% on the First

1/3 $1,800,000 of
$900,000 Chargeable Income
5.6% (maximum of Premium paid/10% of
2022 2023 On Income above
($900,000*3 $280,000) Gross Salary/$360,000
40% on the Balance
=$2,700,000)
($2,700,000) remaining of

  Chargeable Income

$1,020,000
28% on the First
1/3
On Income under $2,040,000 of

5.6% (maximum of Premium paid/10% of Chargeable Income

2023 2024 On Income above
($1,020,000*3 $280,000) Gross Salary/$360,000 40% on the Balance
=$3,060,000) remaining of
($3,060,000)
Chargeable Income
 

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