Capital Gains Tax

Capital Gains Tax is referred to as the tax paid by individuals who have disposed of assets and made a gain, if it exceeded the cost of acquisition of the asset, if the value at the time it was acquired exceeded the value at the time of ownership, or if the value of the asset has exceeded its market value as at January 1, 2011.

If any of the following factors apply to you, then in accordance with the Capital Gains Tax Act, you are exempt from the payment of this tax:

(a) Any gains that were treated as a profit or income under the Income Tax Act

(b) Transactions which were carried out over twenty-three (23) years after the date the asset was acquired, and from which any gains were received.

(c) If you received any gains within twelve (12) months after the change of ownership of an asset, same is deemed as part of the chargeable Income for Income Tax purposes. As such, these gains would not be subject to capital gains tax.

(d) Any gains which do not exceed One Thousand Guyana Dollars (G$1,000)

HOW DO I FILE AND SUBMIT CAPITAL GAINS TAX?

Capital Gains Taxes are submitted along with your Individual Income Tax Return, and should also include a computation sheet. This tax like the Income Tax is due on or before April 30 of each year