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…