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Income Tax Rates & Threshold

Income Tax Rates & Threshold

May 22, 2020
Year of Income (YI)

Year of Assessment (YA)

Amount of Deduction

Threshold Rates on Chargeable Income

2007 2008 $336,000 33 1/3%
2008 2009 $420,000 33 1/3%
2009 2010 $420,000 33 1/3%
2010 2011 $420,000 33 1/3%
2011 2012 $480,000 33 1/3%
2012 2013 $600,000 33 1/3%
2013 to 2014 2014 to 2015 $600,000 30%
2015 2016 $600,000 + 5.6% (Gross less than $200,000 w.e.f. October 2015) 30%
2016 2017 $660,000 + 5.6% (Gross less than $200,000 w.e.f. October 2015) 30%
2017 2018 (Income $180,000 and under) $720,000 + 5.6% Gross income 28%
2017 2018 (Income $180,000 and Over) 1/3 of Gross Income + 5.6% NIS of Gross Income (less than or equal to $220,000) First $1,440,000 @ 28% balance @ 40%
2018 2019 (Income $180,000 and under) $720,000+ 5.6% Gross income 28%
2018 2019 (Income $180,001 and Over) 1/3 of Gross Income + 5.6% Gross Income (less than or equal to $240,000) First $1,440,000 @ 28% balance @ 40%
2019 2020 (Income $195,000 and under) $780,000 + 5.6% Gross income 28%
2019 2020 (Income $195,001 and Over) 1/3 of Gross Income + 5.6% Gross Income equal to or less than $240,000) First $1,560,000 @ 28% balance @ 40%
2020 2021 (Income $195,001 and Over) 1/3 of Gross Income + 5.6% Gross Income equal to or less than $240,000) First $1,560,000 @ 28% balance @ 40%

NOTE: NIS is not a deductible for Self-Employed persons.

PAYE INDIVIDUALS INCOME $195,000 AND UNDER

Daily

Weekly

Fortnightly

Monthly

Yearly

Rate of Tax

$2,137 + 5.6% Gross Income $15,000 + 5.6% Gross Income $30,000 + 5.6% Gross Income $65,000 + 5.6% Gross Income $780,000 + 5.6% Gross income Free
Balance @ 28% Balance @ 28% Balance @ 28% Balance @ 28% Balance @ 28% Balance @ 28%
$6,411 $45,000 $90,000 $195,000 $2,340,000 INCOME BASE

PAYE INDIVIDUALS INCOME $195,001 AND OVER

Daily

Weekly

Fortnightly

Monthly

Yearly

Rate of Tax

1/3 of Income + 5.6% Gross income( less than or equal to $240,000) 1/3 of Income + 5.6% Gross income( less than or equal to $240,000 ) 1/3 of Income + 5.6% Gross income( less than or equal to $240,000) 1/3 of Income + 5.6% Gross income( less than or equal to $240,000 ) 1/3 of Income + 5.6% Gross income( less than or equal to $240,000) Free
$4,274 $30,000 $60,000 $130,000 $1,560,000 28%
Balance @40% Balance @40% Balance @40% Balance @40% Balance @40% 40%
$6,411 $45,000 $90,000 $195,000 $2,340,000 INCOME BASE

 

Contact Us:
Tax Advisory Services Section
Communications & Tax Advisory Services Division
Guyana Revenue Authority
200 -201 Camp Street
Georgetown
Guyana
Tel: 227-6060 | 227-8222 Ext: 1201-1204
Email: gravat@gra.gov.gy
Website: www.gra.gov.gy

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