Guyana Corporate Income Tax

Corporation tax rates and base

Corporation tax distinguishes 'commercial' companies (mainly trading/distribution and telecoms) from 'non-commercial' companies. A minimum corporation tax applies to commercial companies on turnover.

• Commercial company rate — 40% of chargeable profits (or 2% minimum corporation tax on turnover, whichever is higher) percent (Corporation Tax Act (Cap 81:03))
• Non-commercial company rate — 25% of chargeable profits percent (Corporation Tax Act (Cap 81:03))
• Minimum corporation tax (MCT) — 2% of turnover for commercial companies, payable where it exceeds the tax computed on chargeable profits percent (Corporation Tax Act (Cap 81:03))
• Telephone company rate — 45% of chargeable profits percent ((approx — confirm)) (Corporation Tax Act (Cap 81:03))
• Tax base — Chargeable profits = accounting profit adjusted for tax (non-deductibles added back, capital allowances and exempt income removed) (Corporation Tax Act (Cap 81:03))
• Capital gains — 20% capital gains tax on net chargeable gains; gains on assets held under 12 months taxed as ordinary income at corporate rates percent (Capital Gains Tax Act (Cap 81:20))
• WHT on dividends to non-residents — 20% (subject to reduction under a double taxation treaty) percent (Income Tax Act (Cap 81:01) — withholding provisions)
• WHT on interest / royalties / management fees / rent to non-residents — 20% final WHT on gross payments to non-residents percent (Income Tax Act (Cap 81:01) — withholding provisions)
• WHT on local bank/savings interest — 20% final withholding tax on interest from banks and financial institutions percent (Income Tax Act (Cap 81:01) — withholding provisions)
• WHT return and remittance deadline — Due by the 14th day of the month following the month of payment (Income Tax Act (Cap 81:01) — withholding provisions)
• Corporation tax return & payment deadline — 30 April following the income year; balance of tax payable by 30 April (Corporation Tax Act (Cap 81:03))
• Advance (quarterly) corporation tax — Quarterly advance instalments on 1 April, 1 July, 1 October and 31 December; balance with the return by 30 April (Corporation Tax Act (Cap 81:03))