Estate Duty/ Process Fees is a tax levied on the value of deceased person’s assets in Guyana as at the date of death. An individual making a declaration of a deceased person’s assets is called the Declarant and he/ she is required to submit an Estate of Deceased Person’s Declaration and Inventory for the Commissioner of Inland Revenue Form, which is obtained from the estate duty section of G.R.A.
Requirements for an Estate
- A copy of the Death Certificate of the deceased
- A copy of the Oath of Administration / Administratrix
- A copy of the Oath of Executor / Executrix
- Three (3) copies of Statement of Assets and Liabilities of the deceased person
- A copy of Certificate of Title , Lease or Transport of property declared
- A copy of Registration of Vehicle declared
- Rights of Title and Interest – this is letter stating ownership where there is no title, lease or transport
- A letter stating the number of shares and the value as at date of death that were declared
- Valuation of each declared both immovable and movable as at the date of death by a Valuator.
Note: The Declarant has to sign the declaration form four times and one (1) time on the Oath of Administrator/ Executor. If the declarant cannot sign he/she will have his/her thumbprint. The declarant is also required to submit a ten dollar ($10) revenue stamp and present his/ her ID card and TIN for the duty/ tax to be assessed.
After approval of duty/ tax the taxpayer has a grace period of one month to settle the outstanding amount, failing to do so they will have to pay interest at the prevailing rate is being used. This is calculated as follows:
The rate of interest applicable:
- 6% before the period of May 16, 1983
- 25% for the period May 17, 1983 to November 16, 1989
- 45% for the period November 17, 1989 to August 31, 2003
- 19.88% for the period September 01, 2003 to June 30, 2004
- 19.54% for the period July 1, 2004 to December 2007
- 19.71% for the period January 1, 2008 to December 2008
- 19.54% for the period January 1, 2009 to December 2013
- 17.83% for the period January 1,2014 to Date