Guyana: Tax measures proposed in 2023 budget

VAT, excise tax, business income tax, individual income tax

VAT, excise tax, business income tax, individual income tax

Guyana’s 2023 national budget—presented 16 January 2023—includes the following proposed tax measures.

Value added tax (VAT) and excise tax

  • Removal of 14% VAT on the sale of residential properties
  • Removal of 14% VAT on new (less than four years old) electric motor vehicles (not hybrid) of any power rating
  • Removal of 10% excise tax on petroleum products while fuel prices remain elevated
  • Excise tax and VAT to be calculated on pre-pandemic freight costs until 31 December 2023

Business income tax

  • Depreciation allowance of 50% of the cost of electric motor vehicles

Individual (personal) income tax

  • Increase in personal income tax exemption to GYD $85,000 per month (from GYD $75,000)

Read a January 2023 report [PDF 1.55 MB] prepared by the KPMG member firm in Trinidad and Tobago



The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.