Individuals and companies with NET PROPERTY valued forty million dollars ($40M) or more at the end of 2019 will be required to FILE a Property Tax Return. This provision is in accordance with the amended NET PROPERTY is the amount by which the total value of the property owned by any person at the end of the year, exceeds the total value of all debt owed by him/her at that time.
Further, the First Schedule of the said Act has been amended for the payment of Property Tax at the following rates: –
- On the first $40,000,000 of net property – Nil
- For every dollar of the next $20,000,000 of net property – 0.5%
- For every dollar of the remainder of net property – 0.75%
Under Section 14(2) (a), (b) and (c) of the Property Tax Act Chapter 81:21, INDIVIDUAL property owners are persons “resident” or “not resident” who possessed net property situated in Guyana or otherwise; COMPANY property owners are “a body of persons or a company which was registered in or carried on business in Guyana”.