Guyana's personal income tax is collected through PAYE (Pay As You Earn) withholding. Two main rates: 28% (annual income ≤ GYD$1,560,000) and 40% (above). NIS contributions are deductible. Guyana is experiencing the world's fastest GDP growth driven by offshore oil production since 2019.
GYD$
📌 PAYE 2026:
Two rates: 28% on annual income up to GYD$1,560,000; 40% above. NIS contributions (5.6%) deductible. Additional deductions: standard deduction (10% of income, max GYD$100,000), medical expenses (max GYD$50,000), education (max GYD$25,000 per child). Minimum wage: GYD$60,147/month (~USD$285). Non-residents: 15-20% withholding on Guyana-source income, no deductions. Tax year: January to December. Annual return (Form P1) due by March 31. Oil boom: Guyana's GDP per capita has surged from ~USD$6,500 (2019) to over USD$30,000 (2025), making it one of the fastest-growing economies globally.
📊 Guyana Tax Rates Overview 2026
Tax Type
Rate
Details
PAYE (Standard)
28%
Up to GYD$1,560,000/yr
PAYE (High income)
40%
Above GYD$1,560,000/yr
NIS Employee
5.6%
Social security
NIS Employer
8.4%
Social security
VAT (Standard)
14%
Most goods & services
CIT (General)
25%
Standard corporate rate
CIT (Oil & Gas)
40%
Petroleum operations
CIT (Mining)
35%
Mining operations
CIT (Manufacturing)
10%
Reduced rate
Excise (Cigarettes)
65%
Tobacco products
Excise (Alcohol)
50%
Alcoholic beverages
Import Tariffs
5-40%
By product category
Property Tax
0.5-1%
On assessed value
WHT (Non-resident)
15-20%
Dividends, interest, royalties
📌 Oil-Powered Economy:
Guyana has become the world's fastest-growing economy since ExxonMobil's Stabroek Block oil discovery. Commercial production began in December 2019, with output reaching over 600,000 barrels/day by 2025. GDP per capita surged from ~USD$6,500 (2019) to over USD$30,000 (2025). The Natural Resource Fund (NRF) manages oil revenues, modeled on Norway's sovereign wealth fund. The government is investing heavily in infrastructure, healthcare, and education. However, this rapid transformation creates challenges: managing inflation, preventing Dutch Disease, and ensuring broad-based benefits. CARICOM members benefit from free trade within the bloc.
👥 NIS Calculator (National Insurance Scheme)
Guyanese social security via NIS (National Insurance Scheme). Employee: 5.6% (capped at GYD$280,000/month). Employer: 8.4%. Self-employed: 10.5%. Combined: 14%. Covers pension, healthcare, and occupational injury.
GYD$
📌 NIS 2026:Employee (5.6%): Capped at GYD$280,000/month (max contribution GYD$15,680). Covers pension, sickness benefit, maternity benefit, medical care. Employer (8.4%): No ceiling for employer portion. Paid to NIS by the 15th of the following month. Self-employed (10.5%): Must pay full rate. Late payment: 10% penalty + 1% monthly interest. 13th cheque: Some employers pay a 13th month salary as Christmas bonus (not mandatory by law but common practice). Annual leave: 10 working days after 1 year of service, increasing with years. Maternity leave: 14 weeks paid leave. Sick leave: Up to 26 weeks per year with medical certificate. Overtime: 1.5× regular rate; 2× on Sundays and specified public holidays.
🧾 VAT Calculator (Value Added Tax)
Guyana VAT standard rate: 14%. Registration threshold: GYD$10,000,000/year. Zero-rated: exports, basic food. Plus excise tax on luxury goods, alcohol, tobacco, and vehicles.
GYD$
📌 VAT 2026:14% (Standard): Most goods & services, electronics, clothing, restaurants, professional services. 0% (Zero-rated): Exports, basic food (flour, rice, baby formula, fresh fruits/vegetables), medical services. Excise Tax: Additional tax on specific goods — cigarettes (65%), alcohol (50%), fuel (GYD$52/litre), vehicles by engine size (30-150%). Import duties: 5-40% depending on product. CARICOM members: 0-20% preferential rates. Monthly filing: VAT returns due monthly. Input VAT credits offset output VAT.
🏢 Corporate Income Tax (CIT)
Corporate income tax: 25% (general). Oil & gas: 40%. Mining: 35%. Manufacturing: 10%. Plus petroleum profits tax and withholding taxes.
📌 Corporate & Other Tax Notes:CIT (25%/40%/35%/10%): Industry-specific rates. Oil & gas companies face the highest rate plus a Petroleum Profits Tax (PPT) with 50% profit sharing. Loss carry-forward: Up to 5 years. Investment incentives: 5-10 year tax holidays for priority sectors via G-Invest. Lethem Free Trade Zone: 10-year CIT exemption. Import duties: CARICOM members: 0-20%. Non-CARICOM: 5-40%. Agricultural equipment: 5%. Vehicles: up to 45% + excise. Property tax: Residential 0.5%, commercial 0.7%. GRA (Guyana Revenue Authority): Tax authority. Electronic filing via e-Tax portal.