Guyana Announces Tax Changes Introduced as Part of Budget 2022

The Guyana Revenue Authority (GRA) has issued a series of releases announcing tax changes introduced as part of the Budget 2022. The changes are summarized as follows:

• Individual income tax:
  • the monthly taxable income threshold (allowance) for individuals is increased from GYD 780,000 to GYD 900,000 per year;
  • a deduction for life and medical insurance premiums paid by individuals is introduced up to the lower of 10% of taxable income or GYD 360,000 per year; and
  • the threshold for chargeable…