Guyana Revenue Authority: 2023 Legislative Changes

By - Navindra Prashad, Head – Planning and Analysis – GRA 

1.    Income Tax Threshold- Increase in the income tax threshold from $75,000 to $85,000 monthly

2.    Containing the Cost of Fuel- The zero excise taxes on fuel maintained as long as fuel prices remain elevated.

3.    Reduction in Freight Charges- An extension to the freight cost adjustment measure to the pre-pandemic levels (March 31, 2020) for a further 12-month period from January 1, 2023 to December 31, 2023, at a cost of over $6 billion.

4.    Increase in Low-Income Mortgage Ceiling- An increase in the low-income mortgage ceiling to $20 million, up from $15 million.

5.    Removal of VAT on Residential Properties- Removal of the 14 percent VAT with respect to the sale of residential properties.

6.    All-Electric Motor Vehicles

a)    The removal of 14 percent VAT on new electric motor vehicles (not hybrid) of any power rating (new for the purposes of this paragraph refers to vehicles less than four years old).

b)   The writing down allowance applicable to all-electric motor vehicles to 50 percent annually.

7.    Vehicle Ownership- Reduction in the cost of motor vehicle ownership:

a)    New motor vehicles below 1500 cc, we will reduce the duty of 45 percent to 35 percent (less than four years old).

b)   Used vehicles below 1500cc (4 years and older) we will replace the current tax rate with a flat rate of taxes of $800,000.

8.    Improving information access – Cell Phones: Removal of 20 percent Import Duty on Cell Phones with effect June 12, 2023.

Other legislation relevant to the operations of the GRA

1. Electronic Communications and Transactions Act 12 of 2023

2. Anti-Money Laundering, Compliance Commission Bill 2023

By - Navindra Prashad, Head – Planning and Analysis – GRA