iCalculator™ GY: Guyana Tax Calculators
Welcome to iCalculator™ GY, your comprehensive suite of free tax calculators for Guyana. iCalculator™ has provided free tax calculators for Guyana since 2019. Since those early days we have extended our resources for Guyana to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Guyana Tax Calculator and salary calculators within our Guyana tax section are based on the latest tax rates published by the Tax Administration in Guyana. In this dedicated Tax Portal for Guyana you can access:
Guyana Tax Calculator 2024/25
The Guyana Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Guyana. This includes calculations for
- Employees in Guyana to calculate their annual salary after tax.
- Employers to calculate their cost of employment for their employees in Guyana.
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Guyana, situated on the northern mainland of South America, is bordered by Brazil to the south and southwest, Venezuela to the west, and Suriname to the east. The country boasts a vast Atlantic Ocean coastline to the north. Guyana is distinguished as the only English-speaking country in South America, reflecting its unique position as a crossroads of the Caribbean and South American cultural and economic spheres.
The cultural fabric of Guyana is a rich mosaic influenced by East Indian, African, Indigenous, and European ancestries, contributing to its diverse festivals, cuisines, and languages. This multicultural heritage is celebrated through numerous festivals like Phagwah (Holi) and Mashramani, blending traditions in a vibrant display of national identity. Guyana's capital, Georgetown, is known for its British colonial architecture, including the renowned St. George's Anglican Cathedral.
Economically, Guyana has been historically reliant on agriculture and the extraction of natural resources, with sugar, rice, and bauxite forming the backbone of its export economy. However, the recent discovery of significant offshore oil reserves has rapidly transformed the economic landscape, positioning the oil sector as a dominant force in the country’s GDP growth and investment inflow. Despite this newfound wealth, challenges such as infrastructure development and income inequality remain pressing concerns.
Aside from oil, gold mining and agriculture continue to be significant contributors to Guyana’s economy, with eco-tourism emerging as a growing sector thanks to the country's lush rainforests, savannahs, and rich biodiversity. Guyana’s commitment to sustainable development is underscored by its Low Carbon Development Strategy, aiming to balance economic growth with environmental conservation.
Overview of Guyana
The taxation system in Guyana encompasses a comprehensive range of taxes affecting individuals, businesses, and various transactions. This system includes income tax for individuals, which is levied on a progressive scale based on earnings. For businesses, corporate tax is applied to profits, with specific considerations for sectors like mining and agriculture. Guyana also implements a Value-Added Tax (VAT) on goods and services, influencing the price of a wide array of consumer and business transactions.
In addition to these primary taxes, Guyana has customs duties on imported goods, excise taxes on specific items such as tobacco and alcohol, and property taxes. The country's tax legislation is designed to support economic development, provide public services, and encourage investment in key sectors. Tax incentives and exemptions are available in certain areas to stimulate growth and diversification of the economy.
Understanding the nuances of Guyana's tax system is crucial for compliance and effective financial planning, particularly with the evolving economic landscape driven by the burgeoning oil industry. For those seeking detailed guidance on tax obligations and planning in Guyana, our dedicated hub offers a wealth of resources. Visit our tax tools and tables section for the latest tax tools and tax tables, providing valuable insights for individuals and businesses navigating the tax environment in Guyana.