What is Capital Gains Tax?
Capital Gains Tax is referred to as the tax paid by individuals who have disposed of assets and made a gain, if it exceeded the cost of acquisition of the asset, if the value at the time it was acquired exceeded the value at the time of ownership, or if the value of the asset has exceeded its market value as at January 1, 2011.
If any of the following factors apply to you, then in accordance with the Capital Gains Tax Act, you are exempt from the payment of this tax:
(a) Any gains that were treated as a profit or income under the Income Tax Act
(b) Transactions which were carried out over twenty-five(25) years after the date the asset was acquired, and from which any gains were received.
(c) If you received any gains within twelve (12) months after the change of ownership of an asset, same is deemed as part of the chargeable Income for Income Tax purposes. As such, these gains would not be subject to capital gains tax.
(d) Any gains which do not exceed Five Hundred Thousand Guyana Dollars (G$500,000)
Filing A Capital Gains Return
Capital Gains Taxes are submitted by filling out the return (found at the top right of this page) and submitting said return on or before April 30 of each year.
Persons with an eServices account can submit their Capital Gains Tax Returns online by following the steps below.
- Login to your eServices account with your username and password.
- Click on Create e-Services Form under Taxpayer Options.
- Under Branch/Office – GRA Tax, click on GRA Tax.
- Under Step 2 – Select Form, select which Tax Type you are going to file a Return for.
- Click on the Process Form button, and proceed to fill in the Return.
- After filling in all the required information, click on Create Transaction.
- Once all the information is correct, click on Submit Application. At this point, the Return is submitted to the GRA and is deemed Lodged. You will receive an email acknowledging receipt of your Return.
