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GY Tax 2023

Guyana Tax Tables 2023 - Tax Rates and Thresholds in Guyana

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This page contains the tax table information used for the calculation of tax and payroll deductions in Guyana in 2023. These tax tables are used for the tax and payroll calculators published on iCalculator™ GY, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Guyana or would like to add to or suggest amendments to the information herein then please contact us.

Guyana Personal Income Tax Tables in 2023

The Income tax rates and personal allowances in Guyana are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Guyana Tax Calculator 2023.

Guyana provides an annual "Standard Deduction" that is deducted from your total income to produce your taxable income in Guyana in 2023:

Guyana Standard Deduction in 2023
Residence StatusStandard Deduction
Resident$ 1,020,000.00
Non-resident$ 0.00
Guyana Residents Income Tax Tables in 2023
Personal Income Tax Rates and Thresholds (Annual)
Tax RateTaxable Income Threshold
28%Income from $ 0.000.00to $ 2,040,000.00
40%Income from $ 2,040,000.01 and above
Guyana Non-residents Income Tax Tables in 2023
Personal Income Tax Rates and Thresholds (Annual)
Tax RateTaxable Income Threshold
20%Flat rate on all taxable income

In Guyana, social security deductions made by employees towards the National Insurance Scheme (NIS) are not deductible from their gross income for the purpose of calculating taxable income. This means that the contributions towards social security are made from an employee's income after income tax has been applied, rather than reducing the taxable income base. Therefore, these social security contributions do not affect the calculation of income tax liabilities for individuals in Guyana.

Guyana Social Security and Payroll Deduction Rates in 2023

In Guyana, the social security system is structured to provide a range of benefits to employees, with contributions required from both employees and employers. This system is designed to offer support in various life circumstances, including retirement, healthcare needs, and employment injuries.

Guyana Social Security in 2023: Rates for Employers and Employees
Social Security5.6%8.4%14%
Medical & Life Insurance Premium10%0%10%
Guyana Social Security and Payroll Deduction in 2023: Earnings Thresholds for Employers and Employees
Social Securityn/a$ 3,360,000.00n/a$ 3,360,000.00
Medical & Life Insurance Premiumn/a$ 4,320,000.00n/an/a

Guyana VAT Rates in 2023

VAT rates for Guyana are reviewed annually, you can use the VAT Calculator to calculate VAT due in Guyana or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Guyana VAT Rates
VAT RateVAT Description
14%Standard Rate

Historic Tax Tables supported for Guyana

The following tax tables are supported by iCalculator™ GY as part of the suite of free tax tools we provide for Guyana.