Preparing for the End of the Financial Year in Guyana.

As the financial year-end approaches, businesses operating in Guyana—both local and international—must ensure their finances, payroll, taxes, and reporting obligations are in order. With the right preparation, companies can stay compliant, avoid penalties, and set themselves up for a successful new financial year.

Whether you’re a business owner, finance executive, or HR professional, this guide will walk you through key year-end financial tasks, including:

✅ Tax Compliance: Meeting Guyana Revenue Authority (GRA) deadlines and filing corporation tax returns.
✅ Payroll Finalization: Ensuring accurate salary, PAYE, and NIS submissions before closing the payroll year.

✅ Issuance of 7B Slips – Employers must issue to their employees a signed 7B slip for preparation of Individual Income tax Returns.
✅ Employee Benefits Management: Checking leave balances, processing bonuses, and reviewing insurance contributions.
✅ Financial Reporting: Closing your books, reconciling accounts, and preparing for audits.

1. Meeting Year-End Tax Compliance in Guyana

Key Tax Deadlines for Businesses

  • Corporation Tax Returns: Companies registered and incorporated in Guyana are required to file corporation tax return to the Guyana Revenue Authority on/before April 30th for the previous financial year of January to December. These filings must be accompanied with audited financial statements and tax computation reports.
  • Property Tax Returns – Companies incorporated in Guyana are also required to file Property Tax Returns to the Guyana Revenue Authority on/before April 30th for the previous financial year of January to December. These filings must be accompanied with the audited financial statements and tax computation reports.
  • Other Tax Returns – This includes the following: Capital Gains, Environmental Levy, Excise, Premium, Withholding, Travel Airport. Outstanding payments should be reconciled and remitted to the Guyana revenue Authority on/before April 30th for the previous financial year of January to December.

Avoiding Late Fees

  • Filing of Corporation and Property Tax returns after the statutory due date of April 30th, may attract penalty charges and interest levied by the Guyana Revenue Authority.
  • Penalty charges can be as much as 2% of the tax assessed and with interest being accrued for each day late.
  • Companies are encouraged to conduct interim internal audits before the end of year close off to catch missing payments or errors before April 30th.

✅ Action Point: Begin compiling all financial records, receipts, invoices, and expense documentation now to facilitate a smooth audit review and tax filing process.

2. Employers Obligations

  • The Employer is required to issue annual earning statements as known as 7B slips to each employee, at soonest after December 31st.
  • The 7B slip should contain the following information: company details, employee personal details, period of employment, salary earned, allowances, NIS and PAYE statutory deductions.
  • The Employee is required to utilize the 7B for filing of Individual Income Tax returns to the Guyana revenue Authority on/before April 30th.
  • Vacation Leave Entitlement – Annual leave balances should be reviewed at end of the year. The Employee should be notified if they need to utilize or carry forward any accrued vacation leave days.

✅ Action Point: Complete a payroll audit before February 28th, ensuring that all earnings, deductions, statutory contributions and benefits are accurately reflected in the Employee records.

3. Employee Benefits & Compliance Considerations

Year-end is also a crucial time to review employee benefits and statutory contributions. Consider:

  • Leave & Holiday Balances: Verify that any carried-over leave is properly documented.
  • Insurance & Pension Contributions: If your company offers medical, life insurance, or pension benefits, ensure that all deductions and employer contributions are properly accounted for.
  • Expatriate Payroll & Taxation: International employees working in Guyana must meet local tax compliance If you employ expats, confirm their multi-currency payroll calculations are correct.

✅ Action Point: Finalize **all employee benefits before February 28th ensuring they are correctly reported on payroll statements.

4. Closing the Books & Preparing Financial Reports

Financial Statements & Audit Preparation

  • Ensure all transactions for the period January – December are accurately recorded, including invoices, expenses, and asset purchases.
  • Prepare the following year-end financial statements for submission to the tax authority on/before April 30th:
    • ✅ Statement of Comprehensive Income (Profit & Loss Report)
    • ✅ Statement of Financial Position (Balance Sheet)
    • ✅ Statement of Cash Flow and Changes in Equity
    • ✅ Tax Computations
  • Conduct bank reconciliations and review outstanding payments.
  • If your company requires an External Audit, coordinate with the auditors early in the process to prevent delays.

✅ Action Point: Engage with your Finance Team and External Auditors at soonest to commence the financial reconciliation and review process early in the new year, to ensure timely tax filing on/before April 30th.

Stay Ahead with Professional Payroll & Tax Support

Preparing for the end of the financial year doesn’t have to be overwhelming. By staying ahead of tax deadlines, finalizing payroll correctly, and ensuring accurate financial reporting, your business can enter the next fiscal year compliant and ready for success.

If you need expert guidance in handling payroll processing, tax compliance, or financial reporting, Leader Guyana is here to help.

📩 Contact our team at hello@leaderguyana.com to schedule a consultation today!