Accounting & Tax Related

Accounting & Tax Services

Provision of bookkeeping services.
Preparation of financial statements for various credit facilities applications (loans, overdraft, etc) and auditing purposes.
Preparation tax returns (income tax, corporation tax and property tax).
Preparation of projected financial statements (Statement of Cash Flows, Statement of Income, and Statement of Financial Position).

Section 60 of the Income Tax Act, Chapter 81:01 states that every individual or body of persons whose income is below the threshold (the threshold for 2013 is $600,000) has to file a true and correct income tax return by the 30^th April of the succeeding year.
Section 5 of the Income Tax Act, Chapter 81:01 states that taxes shall be payable at the specific rate on all income whether such income is derived or accrued in Guyana or not.
Section 16 of the Income Tax Act, Chapter 81:01 gives guidance of allowable expenses e.g. for an expense to be allowable it has to be related to the income that was generated.
Section 18 of the Income Tax Act, Chapter 81:01 gives guidance as to disallowed expenses.

Every individual whose net property exceeds $40,000,000 and every company whose net assets exceed $10,000,000 is required to file a Property Tax Return on or before the 30^th April.

Every individual or company whose net gains exceed $1,000 shall pay Capital Gains Tax at a rate of 20%. However, if the asset is acquired and sold within one year the tax applicable to the gain will be 30%. No tax is charged on property held for more than twenty five years.