Commercial companies must first calculate corporation tax in accordance with normal principles. Where the tax at the normal rate is greater, then tax at the normal rate is payable. Any excess MCT over tax at the normal rate is carried forward for setoff against corporation tax payable in subsequent years. MCT is recoverable against future years' taxes providing however that in no year shall the tax payable be reduced to less than two percent of turnover. Resident individuals, companies and non-residents with net property in Guyana who carry on business in Guyana are liable to property tax.
Property includes tangible and intangible property, cash, receivables and other rights.
Property taxes are charged on the value of net property. In computing the net property liabilities are deductible. Filing of returns and payment of property taxes are due on or before April 30 th , of the year following the year of income.