Income Tax Allowances
Income Tax Allowances
Non-Taxable Allowances
1. Travelling Allowances (as opposed to transportation allowance)
2. Station Allowance
3. Entertainment Allowance
4. Subsistence Allowance
5. Security and Telephone Allowance
6. Medical and Dental Expenses
7. Gratuity
8. Leave Entitlement (Vacation)
9. Severance Pay Taxable in all Non-Gov't Agencies
10. Hardline
Taxable Allowances
1. Duty Allowance
2. Uniform Allowance
3. Acting allowance
4. Overtime Allowance
5. Housing Allowance
6. Saving Scheme (Banks DIH)
7. Gratuity Non - Taxable in all gov't
8. Leave Entitlement agencies including SIMAP
9. Laundry
N.B. All allowances are non-taxable for Judges
ANNUAL TAX COMPUTATION
(1) From the Year of Assessment 2004 to the Year of Assessment 2006, the year of income 2003 to 2005, Income Tax is calculated on income in excess of $20,000.00 per month or $240,000.00 with first $110,000 @ 20% and the remainder @ 33.3% per year.
(2) For Year of Assessment 2007, Year of Income 2006. Income Tax is calculated on income in excess of $25,000.00 per month or $300,000 per year. The remainder in excess of the monthly and yearly threshold is taxed at the rate of 33.33%.
(3) For Year of Assessment 2008, Year of Income 2007. Income Tax is calculated on income in excess of $28,000.00 per month or $336,000 per year. The remainder in excess of the monthly and yearly threshold is taxed at the rate of 33.33%.
(4) For Year of Assessment 2009, Year of Income 2008. Income Tax is calculated on income in excess of $35,000.00 per month or $420,000 per year. The remainder in excess of the monthly and yearly threshold is taxed at the rate of 33.33%.
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With effect from May 1, 2013, the following shall be the rates of exchange for the purpose of the provision to Section 22(1) (a) of the Customs Act, Chapter 82:01:-
| Country | Guyana Dollar |
| European Union | 268.04 |
| Eastern Caribbean | 76.20 |
| Suriname | 62.05 |
| Trinidad & Tobago | 32.05 |
| United Kingdom | 318.75 |
| United States of America | 205.75 |