Guyana Tax Tables 2024 - Tax Rates and Thresholds in Guyana

This page contains the tax table information used for the calculation of tax and payroll deductions in Guyana in 2024. 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 2024

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 2024.

Guyana provides an annual "Standard Deduction" that is deducted from your total income to produce your taxable income in Guyana in 2024:

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 2024

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.

The main components of social security in Guyana include:

• National Insurance Scheme (NIS): The NIS covers several key areas, including:
• Pension Benefits: Contributions fund retirement pensions for employees, ensuring financial support in their later years.
• Healthcare Benefits: This element provides medical care and assistance, covering expenses related to illnesses and hospitalization.
• Employment Injury Benefits: These contributions offer protection and support to employees who suffer from work-related injuries or illnesses, ensuring they receive appropriate medical care and compensation during their recovery.
• Survivor and Disability Benefits: The NIS also provides financial assistance to the families of deceased employees and supports employees who become disabled and are unable to work.

Both employees and employers in Guyana contribute to the NIS, with employers typically bearing a higher percentage of the total contribution. This collaborative funding model ensures that workers have access to essential social services, contributing to the overall welfare and stability of Guyana's workforce.

Guyana VAT Rates in 2024

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.

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.