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

Article Posted date 19 January 2023

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

 

 

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