Companies resident in Guyana are subject to tax on their worldwide income. Non- resident companies are subject to tax on their income derived from Guyana.

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Corporate Income Tax Rates

Commercial Companies:

Year of assessment 2019 = 00%
Year of assessment 2018 and prior = 00%
 

Non-Commercial Companies:
Year of assessment 2019 = 00%
Year of assessment 2018 and prior = 00%

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A commercial company is a company that derives at least 75% of its gross income from trading in goods not manufactured by it. Companies involved in telecommunications, banking and insurance, other than long term insurance, are commercial companies.

2% Minimum Tax
Section 10A of the Corporation Tax Act provides for the payment of corporation tax (referred to as minimum tax) at the rate of 2% of turnover, where the actual corporation tax liability as computed on net chargeable income is less than 2% of the turnover.
 

There are further provisions for the minimum tax paid in excess of the actual corporation tax liability to be carried forward for set-off against the corporation tax liability for the succeeding year or years to the extent such liability is in excess of the 2% of turnover minimum tax for the relevant year.

Corporate Tax Loss
There is no provision to carry back corporate tax losses. Corporate tax losses may be carried forward indefinitely and offset against future corporate taxable income. The amount of losses that may be offset in any one year is limited to 50% of the taxable income except for companies where 2% minimum tax applies. 

 

Advance corporate tax payment
In accordance with the Ministerial Regulations No. 5 and 6 of 1974 made under the Income tax Act and Corporation Tax Act 1970, as amended by Regulations 15 of 1994, companies are required to pay advance tax in quarterly installments. The amount to be paid is based on the corporate tax liabilities for the preceding year. There is provision for the Commissioner to reduce the estimated tax liability on the basis of current year results and consequently the advances to be paid.

The due dates for advance corporate tax are as follows:
    15 March
    15 June
    15 September
    15 December

Filing of tax returns
Corporate tax returns must be filed by 30 April of the tax year. The tax year is the calendar year and tax is assessed on the income earned in the financial year proceeding the tax year.

Penalties - late filing
Where tax returns are filed after the due date there is a penalty of 2% of the liability for the year. Where the Commissioner General issues a notice of demand for the submission of tax returns, the penalty is 5 % of tax liability for the year.
 

 

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