This article provides a detailed overview of individual income tax regulations in Guyana for 2025, focusing exclusively on its progressive tax rate structure, assessment basis, and the main applicable rates and brackets.
Understanding Individual Income Tax in Guyana
Guyana employs a progressive individual income tax framework. This means that tax rates increase with higher income levels, applying variable percentages according to set income brackets. For 2025, the tax is assessed on total income and calculated according to Guyana dollar (GYD) values, with no supplemental surtaxes reported in the current regulatory data.
Guyana’s Individual Income Tax Bracket Structure (2025)
The following table summarizes the income tax brackets and rates relevant to individuals in Guyana for the current tax year:
| Income Range (GYD) | Rate (%) |
|---|---|
| GY$0 – GY$2,400,000 | 28% |
| Above GY$2,400,000 | 40% |
For international readers: At an assumed exchange rate of 1 USD = 210 GYD (subject to change), GY$2,400,000 is approximately $11,429 USD.
How Progressive Tax Applies in Practice
The progressive structure means that the first GY$2,400,000 of taxable income is charged at 28%. Any income above this threshold is taxed at 40%, but only on the portion exceeding GY$2,400,000. This tiered approach is designed to ensure that higher income earners contribute at a higher rate, supporting government revenue while preserving moderate tax liabilities for lower-income residents.
Key Aspects of Guyana’s Income Tax System
- Tax Type: Progressive (rates increase with income level)
- Assessment Basis: Taxable income (all income derived by the individual, subject to applicable deductions as specified by Guyanese law)
- Applicable to: All resident individuals and, in some situations, non-residents with Guyanese-source income (consult local law for non-resident criteria)
- Currency: Guyana Dollar (GYD)
- Surtaxes: None currently specified in available official data for 2025
Income Tax Rate Application Table
| Taxable Income (GYD) | Rate (Percentage) |
|---|---|
| GY$0 – GY$2,400,000 (~$0 – $11,429 USD) | 28% |
| Over GY$2,400,000 (~Over $11,429 USD) | 40% |
Notes on Missing Data
The official data does not specify flat tax rates, annual minimum or maximum holding periods, or any additional surtaxes for individual income tax in Guyana for 2025. This is typical for summary data, and further details are usually disclosed upon tax year-end or in official guidance updates.
Pro Tips for Navigating Guyana’s Income Tax System
- Calculate your total annual taxable income early in the fiscal year to determine which tax bracket your earnings will fall into.
- Plan for the 40% tax rate on any income exceeding GY$2,400,000 (~$11,429 USD); set aside additional funds if your income is likely to cross this threshold.
- Consult with a local tax professional if you have multiple income sources—such as overseas earnings—to ensure you comply with Guyana’s residency and income definitions.
- Stay informed of any changes announced by the Guyana Revenue Authority by regularly checking their official site.
Official Sources and Guidance
For the most up-to-date information, regulations, and detailed taxpayer guidance, refer to the Guyana Revenue Authority website. All rates and thresholds are based on data available for 2025, but official communication will provide the latest updates and official definitions.
In summary, Guyana’s individual income tax framework is structured around two progressive tax brackets: a 28% rate for income up to GY$2,400,000 and a 40% rate for any amount above that level. No surtaxes or special holding period rules are noted in the current public data, keeping the system reasonably straightforward for most taxpayers. For international professionals, it’s essential to monitor your income thresholds and consult the Guyana Revenue Authority for compliance, especially if you expect to earn higher amounts or have external income sources.