How much is Wage tax (PAYE) paid by the employee in Guyana?
PAYE tax rates for 2023 are:
1) One-third of the person's income earned on an annual basis with a minimum of G$1,020,000 will be allowed as a deduction (or tax-free allowance) to determine taxable income thereafter;
2) 28% on the first G$2,040,000 per year in income above the tax-free amount and
3) 40% on all income above the 28% bracket.
PAYE tax rates for 2024 are:
1) One-third of the person's income earned on an annual basis with a minimum of G$1,200,000 will be allowed as a deduction (or tax-free allowance) to determine taxable income thereafter;
2) 28% on the first G$2,400,000 per year in income above the tax-free amount and
3) 40% on all income above the 28% bracket.
PAYE tax rates for 2025 are:
1) One-third of the person's income earned on an annual basis with a minimum of G$1,560,000 will be allowed as a deduction (or tax-free allowance) to determine taxable income thereafter;
2) 25% on the first G$3,120,000 per year in income above the tax-free amount and
3) 35% on all income above the 25% bracket.