Guyana Tax Agency Explains Changes to Income Tax Thresholds

The Guyanese Revenue Authority March 11 explained changes to income tax thresholds for individuals, effective Jan. 1. The announcement includes measures to: 1) increase the statutory deduction threshold for employees to 900,000 Guyanese dollars (US$4,303) from 780,000 dollars (US$3,729); 2) allow annual individual income tax deductions for life and medical insurance premiums up to the lesser of 10 percent of income or 360,000 dollars (US$1,721); 3) apply the 28 percent tax rate to annual income up to 1.8 million dollars (US$8,590); 4) apply the 40 percent tax rate for annual income exceeding 1.8 million dollars; and 5) set thresholds and ...