The tax year is the calendar year; however, a different tax year of 12 months is permitted in Guyana. Companies with an accounting year different from the calendar year are allowed to adopt their accounting year as the tax year.
Annual tax returns are required to be filed by 30 April in the year following the tax year and any balance of corporate tax due is payable along with the tax return.
Advance tax is required to be paid in quarterly instalments either based on tax liability or minimum tax, whichever is lower. Advance tax payments for each quarter are due on 15 March, 15 June, 15 September and 15 December of each year. Advance tax payments are based on the preceding year’s tax liability, whereas minimum tax instalments are payable on the basis of actual gross sales or receipts for the relevant quarter (excluding exempt income).
Tax returns can be filed electronically on the portal of revenue authority.