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...
Yes, 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 sum) to determ...
One social premium is applicable: The National Insurance Scheme (NIS) extends Social Insurance Coverage on a compulsory basis, to all persons between the ...
NIS premium is applicable on all employees. And all kind of wages are NIS insurable wages. Not to be included in the gross earnings of an insured person a...
Much applied are taxed fringe benefits like rent-free quarters, board & lodge and housing. The taxed fringe benefit rent-free quarters is calculated bas...
Yes, also the EE part can be added to the ER part and this has no fiscal consequences for the employee.
Yes, the EE part in NIS premium lowers the taxable wage.
Pension plans should be approved by GRA to qualify as deductible contribution and if approved, the actuall benefits are non-taxable.
NIS premium will still be applicable, but only 1.5% ER premium. No EE contribution any more.
Yes, but sometimes the Government will announce a payment without taxes.
Yes, under Private Insurance 10% from the taxable income is tax deductible with a maximum of G$360.000 per year in 2023. This can e.g. be a private life or ...
No, it decreases just the base salary for PAYE. But the deduction is only 10% from the taxable income with a maximum of G$360.000 per year.
Yes, overtime hours more than 40 hours a week are paid at the rate of 150.00% of the employees' regular hourly rate.
Yes, overtime hours are treated the same way for taxation as for 'regular' wages.
Yes, NIS premium is applicable on overtime.
The rate of sickness benefit is 70% of the average insurable earnings during 2 monhts (or 8 weeks) immediately before the incapacity commenced. Sickness Ben...
Severance or redundancy payments are untaxed and must be paid when employees are terminated without just cause or made redundant. The minimum entitleme...
Yes, both are taxed. However, tips money is untaxed.
Tributors are employed by Miners. Tributors are persons engaged in the gold or diamond mining industry who are rewarded for their labour under the tribute s...
This category is especially created for paid pension benefits that are not taxable.
There are like 25 banks in Guyana. For the employees import sheet template you will need to type the Celery code that corresponds to the employee's...
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