Guyana Gazettes Bill Proposing Various Income Tax Amendments, VAT Provisions

The Guyanese Official Gazette Jan. 26 published Fiscal Enactments (Amendment) Bill No. 2, proposing to amend various income tax and VAT provisions. The bill includes measures increasing to 1.2 million Guyanese dollars (US$5,743) from 1.02 million dollars (US$4,881): 1) the maximum income level at which an aged or incapacitated person remains exempt from taxation on interest earned on savings accounts; 2) the threshold over which such a person can opt for taxation on income from all sources and apply withholding tax as a set-off; 3) the deduction permitted from individual income tax if it is greater than one-third of an ...