Find Accountancy, Audit and Tax expertise in Guyana
- Overview
- Profession
- Tax
Overview
There are several accountancy firms operating in Guyana, mainly based in the capital, Georgetown. International firms, mainly Deloitte and PriceWaterhouseCoopers, offer consultancy services relating to financial reporting and tax. Financial reports must be filed annually with the Registrar of Companies in accordance with the 1995 Companies Act. Additionally, the country has adopted International Financial Reporting Standards (IFRS) as standards for financial reporting, as of 1998. In 2010 the council of the Institute of Chartered Accountants of Guyana approved the adoption of IFRS for small and medium-sized entities (SEMs), moving it into stage four of the IFRS adoption process. In the World Economic Forum’s Global Competitiveness Report (2012-13) Guyana placed 97th in the world (out of 144 countries) in relation to the strength of its auditing and reporting standards, with a value of 4.2 out of 7. This found it below the world mean of 4.6, but in an average regional position, two above Venezuela and just below Nicaragua. In the 2011 World Bank’s Ease of Doing Business Index the country ranked 138th in the world (out of 183), far below some regional counterparts, such as Belize at 29th, but above neighbouring Suriname (157th) and Venezuela (161st).
Profession
The Institute of Chartered Accountants of Guyana (ICAG), in existence since before Guyana’s independence, is the leading professional body for accountants in the country, with over 70 members. ICAG is a member of both the Institute of Chartered Accountants of the Caribbean and the International Federation of Accountants. The institute operates a joint examination scheme with the Association of Certified Chartered Accountants (ACCA) and examination centres are present in both Georgetown and Berbice.
Tax
Personal income tax is charged at a flat rate of 33.3%, after a standard deduction of G$420,000 per annum with no other allowances (tax year 2010-11). The corporate tax rate for commercial companies, with the exception of telephone companies, is 45% and is set at 35% for non-commercial companies. Capital gains are taxed at a rate of 20%. The value added tax (VAT) rate is 16%, although certain transactions are exempt or zero rated. In the 2011 Ease of Doing Business Index Guyana rated 115th in the world for paying taxes, below Suriname (34th) and Belize (55th), but substantially above Venezuela (183rd). The Global Competitiveness Report (2012-13) calculated Guyana a total tax rate of 36.1%, placing it 64th in the world, three places above the United Kingdom with a rate of 37.5%.
| Accountancy, Audit and Tax organisations in Guyana | |
|---|---|
| Bob Dhoray |
|
| Cacique Inc. Finance and Management Developers |
|
| Chris Accounting Services |
|
| Clement Denobrega & Co |
|
| D & J Shipping Services |
|
| Guyana National Shipping Corporation Limited |
|
| PriceWaterhouseCoopers |
|
| Simgh Mr Narendra |
|
