Include Commission, Bonus, Overtime, Value of Residence, Board and Lodging or any other allowance whether in money or otherwise granted in respect of employment. Exclude travelling, subsistence, entertainment allowance, medical discharge benefits, severance pay and station allowance (only if they were utilised for the respective purposes for which they were granted).
If any expenses were wholly and exclusively incurred in earning the income, full details must be given.
Indicate only Capital Gains which resulted from the acquisition and disposal of assets within a twelve (12) month period and are deemed to be income under the Capital Gains Tax Act (but subject to the appropriate rates under the Income Tax Act) unless the contrary is established to the satisfaction of the Commissioner General.
Tax deducted from dividends as set-off
A company is deemed to have deducted Income Tax from dividends. The shareholder must include the gross amount on his/her return and the amount of tax so deemed to have been deducted will be set off against the Income Tax payable by him/her. No set-off, however, will be allowed unless the dividend warrants are produced.
Tax deducted at Source as set-off
If you are self-employed and incur the following expenses, you are required to complete the respective schedules:
| Expense | Schedule to be Filled | |
| 1 | Bad & Doubtful Debts | 01 |
| 2 | Gross Payments to Residents & Non-Residents (Section 39 & 40 of Income Tax Act) | 02 (a) |
| 3 | Gross Payments to Non-Residents (Section 39 & 40 of Income Tax Act) | 02 (b) |
| 4 | Gross Payments to Sub-Contractors | 02 (c) |
| 5 | Rates & Taxes | 03 |
| 6 | Contributions to Approved Funds, Schemes or Plans | 04 |
Payment Of Taxes
Every person in receipt of income other than employment income is required to pay to the Commissioner General, Guyana Revenue Authority on or before 1st April, 1st July, 1st October and 31st December, in each year of income an amount equal to quarter of the tax as calculated by him on his chargeable income based on his preceding year’s return and the balance, if any, not later than 30th April of the following year.
| Year of Income (YI) | Year of Assessment (YA) | (Personal Allowance) | Amount of Deduction | NIS | Medical & Life Insurance Premium | Threshold Rates on Chargeable Income |
| 2007 | 2008 | $336,000 | 33 1/3% | |||
| 2008-2010 | 2009-2011 | $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% |
On Income above
(maximum of $220,000)
28% on the First $1,440,000 of Chargeable Income
On Income under ($2,160,000)
On Income above
On Income under
($780,000*3 =$2,340,000)
On Income above
On Income under
($780,000*3 =$2,340,000)
On Income above
On Income under
($780,000*3 =$2,340,000)
On Income above
($900,000*3 =$2,700,000)
On Income above
On Income under
($1,020,000*3 =$3,060,000)
On Income above
| 1 | Every person whose income is not less than the threshold for the respective Year of Income who refuses, fails or neglect to deliver a RETURN of his income to the Commissioner General on or before the prescribed day in every year is liable to a penalty not exceeding $100,000. |
| 2 | Where a person has not delivered a Return within the prescribed time under section 60 [1] of the Income Tax Act, the Commissioner General may add to an assessment made upon such a person a sum equal to ten (10) per cent of the amount of the tax assessed. For Year of Assessment 2018 and onwards, where a loss or deficit Return was submitted after the prescribed time, the Commissioner General may charge a flat fee of $50,000 on each loss/deficit return submitted. |
| 3 | Where a person refuses, fails or neglects to make a return of chargeable Income for the year immediately preceding the Year of Assessment within the time specified in a notice issued by the Commissioner General to such person under Sec.60 [4] of the income Tax Act the Commissioner General shall add to the assessment a sum equal to ten (10) per cent of the amount of tax assessed. |
| 4 | Any person who without reasonable excuse makes an incorrect return by omitting or understating any Income of which he is required by the Act to make a return, whether on his own behalf or on behalf of another, or makes an incorrect statement in connection with a claim for deduction in estimating taxable income, or gives any incorrect information in relation to any matter or thing affecting his own liability or tax or the liability of any other person, is liable to a fine not exceeding $100,000 and double the amount of the tax which has been or would have been undercharged in consequence thereof. |
| 5 | Any person who knowingly makes false statement or representation in any Income Tax Return or who keeps or prepares false accounts of any profits, property or gifts chargeable to Income Tax, or aids or abets any persons in such offences, is liable to a fine not exceeding $100,000 and treble the amount of Tax which has been undercharged in consequence of such false accounts, particulars, returns, statements, information of representation or could be so undercharged if the account, particulars, return, statement, information or representation has been accepted as correct and to imprisonment for six months. |
| 6 | Late payment of tax will attract late payment penalties and interest as outline in table below. The penalties charged shall be deemed to be part of the tax assessed and shall be recoverable accordingly. |
| Year Of Income | Late Payment Penalty | Interest |
| Prior to 2017 | 2% for first 3 months, |
3% for the next 3 months,
4% for the next 6 months, and