• GUYANA REVENUE AUTHORITY
    Your Partner in Development
Close
Close

Income Tax Rates & Threshold

Income Tax Rates & Threshold

January 31, 2023
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 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%
2013 2014 $600,000 30%
2014 2015 $600,000 30%
2015 2016 $600,000 5.6%

Jan. – Sept.-$170,812

Oct-Dec. -$200,000

 

30%
2016 2017 $660,000 5.6%

(maximum of $220,000)

30%
2017 2018 $720,000

On Income under ($2,160,000)

1/3

On Income above

($2,160,000)

5.6%

(maximum of $220,000)

 

 

 

28% on the First $1,440,000 of Chargeable Income

40% on the Balance remaining of Chargeable Income

2018 2019 $720,000

On Income under ($2,160,000)

 

1/3

On Income above

($2,160,000)

5.6% (maximum of $240,000)  

28% on the First $1,440,000 of Chargeable Income

40% on the Balance remaining of Chargeable Income

2019 2020 $780,000

On Income under

($780,000*3 =$2,340,000)

 

1/3

On Income above

($2,340,000)

5.6% (maximum

Jan $240,000

Feb-Dec $256,800)

 

 

28% on the First $1,560,000 of Chargeable Income

40% on the Balance remaining of Chargeable Income

2020 2021 $780,000

On Income under

 ($780,000*3 =$2,340,000)

 

1/3

On Income above

($2,340,000)

5.6% (maximum of $280,000)  

28% on the First $1,560,000 of Chargeable Income

40% on the Balance remaining of Chargeable Income

2021 2022 $780,000

On Income under

 ($780,000*3 =$2,340,000)

 

1/3

On Income above

($2,340,000)

5.6% (maximum of $280,000) 28% on the First $1,560,000 of Chargeable Income

40% on the Balance remaining of Chargeable Income

2022 2023 On Income under

$900,000

($900,000*3 =$2,700,000)

 

1/3

On Income above

($2,700,000)

5.6% (maximum of $280,000) Premium paid/10% of Gross Salary/$360,000 28% on the First $1,800,000 of Chargeable Income

40% on the Balance remaining of Chargeable Income

2023 2024 $1,020,000

On Income under

($1,020,000*3 =$3,060,000)

 

1/3

On Income above

($3,060,000)

5.6% (maximum of $280,000) Premium paid/10% of Gross Salary/$360,000 28%on the First$2,040,000of Chargeable Income
40%on the Balance remaining of Chargeable Income
About