L.R.O. 1/2012
LAWS OF GUYANA
CAPITAL GAINS ACT
CHAPTER 81:20
Act
13 of 1966A
Amended by
4 of 1966B
22 of 1967 33 of 1970 11 of 1983
6 of 1989 6 of 1991 8 of 1992
16 of 1994 13 of 1996
Current Authorised Pages
Pages
(inclusive)
Authorised
by L.R.O.
1 – 27 ... 1/2012
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Index
of
Subsidiary Legislation
Page
Capital Gains Tax (Exchange of Information) (U.S.A.) Order 27
(O.37/1992)


Note
on
Revision
The provisions of this Act extend to the Exclusive Economic Zone of
Guyana by virtue of O. 8/1992.




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CHAPTER 81:20
CAPITAL GAINS TAX ACT
ARRANGEMENT OF SECTIONS
SECTION
PART I
PRELIMINARY
1. Short title.
2. Interpretation.
PART II
ADMINISTRATION
3. Administration of the Act.
4. Official secrecy.
PART III
PERSONS TO WHOM THIS ACT SHALL NOT APPLY
5. Persons to whom this Act does not apply.
PART IV
BASIS OF ASSESSMENT AND IMPOSITION OF CAPITAL GAINS TAX
6. Basis of assessment.
7. Special period of assessment.
7A. Special provisions regarding capital gains and capital losses.
8. Charge of capital gains tax.
PART V
ASCERTAINMENT OF CAPITAL GAINS AND LOSSES SECTION
9. Deductible expenditure.
10. Net capital loss carried forward.
11. Charge of wife’s capital gains.

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SECTION
PART VI
RATE OF CAPITAL GAINS TAX
12. Rate of tax.
13. Companies not entitled to deduct tax from dividends paid out of
capital gains.
PART VII
RETURNS, ASSESSMENTS, APPEALS, PAYMENT, RECOVERY AND
PAYMENT AND OFFENCES
14. Assessments, collection, appeals.
14A. Person to estimate and pay tax.
15. Offence for failure to furnish returns and particulars.
16. Offences in relation to information required.
17. Offence to obstruct Commissioner-General.
18. Failure to keep records, books and accounts.
19. Offences in relation to partnerships.
20. Failure or neglect to perform certain acts.
21. Offence in relation to witnesses summoned before Board of Review.
22. Penalties for offences.
23. Penalty for making incorrect return.
24. False statements and returns.
25. Impeding or obstructing the Commissioner - General or his officers.
26. Limitation for institution of proceedings.
27. Application of provisions of the Income Tax Act for the purposes of
the capital gains tax.
28. Double taxation relief.
30. Power to make regulations.
FIRST SCHEDULE—Declaration of secrecy.
SECOND SCHEDULE—Provisions in Income Tax Act applicable.
__________________________

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CHAPTER 81:20
CAPITAL GAINS TAX ACT
13 of 1966A An Act to provide for the levy of taxes computed by
reference to capital gains.
[1ST JANUARY, 2011]
Short title.
Interpretation.
[33 of 1970
11 of 1983
8 of 1992
13 of 1996]

c. 81:01
PART I
PRELIMINARY
1. This Act may be cited as the Capital Gains Tax Act.
2. In this Act—
“acquisition”, with reference to property, means obtained by
purchase, gift, inheritance, or exchange, or in any other
manner whatsoever and the word “acquired” shall be
construed accordingly;
“body of persons”, “Commissioner-General”, “company”,
“local authority”, “Minister”, “person”, “prescribed”,
“resident in Guyana” have the meanings respectively
assigned to those expressions by the Income Tax Act;
“capital gain”—
(a) with reference to the capital gain of
any person arising from any change
of ownership of property means the
amount by which the value of that
property at the time when such
change of ownership occurs exceeds
the cost of acquisition or its value at
the time when it was acquired by that
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person or the market value as at 1st
January, 1991, whichever is later;
(b) with reference to the capital gain of
any person arising from the
surrender or relinquishment of any
right or the transfer of some of the
rights in any property, means, the
value of the consideration for such
surrender, relinquishment or transfer;
(c) with reference to the capital gain of
any person arising from the
redemption of any shares, debentures,
or other obligations, means, the
amount by which the value of all
property received by him in
consequence of such redemption
exceeds the cost of acquisition or its
value at the time when it was
acquired by that person or the market
value as at 1st January, 1991,
whichever is later;
(d) with reference to the capital gain of
any person arising from the
dissolution of a business or the
liquidation of a company, means, the
amount by which the value of all
property received by him in
consequence of such dissolution or
liquidation exceeds the cost to him of
his share of the capital in such
business or company or the market
value of his share of the capital in
such business or company as at 1st
January, 1991, or whichever is later;
(e) with reference to the capital gain
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c. 81:02
c. 81:01
arising from the amalgamation or
merger of two or more companies,
means, in the case of a shareholder of
any of those companies, any money
received by such shareholder in
consequence of such amalgamation or
merger, and in the case of any other
person, the value of the consideration
received by such other person for any
transaction in connection with such
amalgamation or merger;
(f) with reference to the capital gain of
any person arising from the formation
of a company means the value of the
consideration received by him for any
transaction in connection with the
formation of such company; and
(g) with reference to the capital gain of
any person arising from a transaction
promoted by him without being a
party to it, means, the sum received
by him as a commission or reward:
Provided that in the case of any property in respect of
which an allowance was granted for initial, annual or wear
and tear allowance or for obsolescence under the Income Tax
(In Aid of Industry) Act or the Income Tax Act, the capital
gain in each case shall be the amount by which the value of
the consideration received exceeds the cost of acquisition or
the value upon acquisition, as the case may be, of that
property less any initial, annual, wear and tear or
obsolescence allowance granted in respect of that property
since 1st January, 1991;
“capital loss”—
(a) with reference to the capital loss of
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any person arising from the change of
ownership of any property, means the
amount by which the value of that
property at the time when such
change of ownership occurs is less
than the cost of acquisition of that
property by that person or the market
value as at 1st January, 1991,
whichever is later;
(b) with reference to the capital loss of
any person arising from the
redemption of any shares, debentures
or other obligations, means the
amount by which the value of all
property received by him in
consequence of such redemption is
less than the cost to him of that which
is redeemed or the market value as at
1st January, 1991, whichever is later;
(c) with reference to the capital loss of
any person arising from the
dissolution of a business or the
liquidation of a company, means the
amount by which the value of all
property received by him in
consequence of such dissolution or
liquidation is less than the cost to him
of his share of the capital in such
business or company or the market
value as at 1st January, 1991,
whichever is later;
(d) includes the amount of any
irrecoverable debt which is secured
by a mortgage which is not treated as
an allowable deduction under the
Income Tax Act:
c. 81:01
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c. 81:02
c. 81:01
Provided that in the case of any property in respect of
which an allowance was granted for initial, annual or wear
and tear allowance or for obsolescence under the Income Tax
(In Aid of Industry) Act or the Income Tax Act, the capital
loss in each case shall be the amount by which the value of
the consideration received is less than the cost of acquisition
of that property reduced by the amount of the allowance
granted in respect of initial, annual, wear and tear or
obsolescence allowance on this property since 1st January,
1991.
“change of ownership” in the context of the definition of
“capital gain” or “capital loss” does not include—
(a) the sale to a customer of any property
held by the vendor primarily for sale
to customers in the ordinary course of
his trade or business;
(b) the passing of any property subject to
a trust from the trustee to any
beneficiary under the trust;
(c) the passing of any property belonging
to the estate of a deceased person
from the executor or administrator of
the estate, as the case may be, to any
beneficiary of the deceased;
(d) the sale of household furniture,
jewellery and works of art of the
vendor where the value of such
property in the aggregate is less than
five thousand dollars in any one year;
and
(e) the realisation by a liquidator of the
assets of a company in liquidation for
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the purpose of the dissolution of the
company and return of the proceeds
of the realisation to the shareholders
of the company;
“Commissioner” means the Commissioner-General charged
with the administration of the Income Tax Act;
“market value” means the price which could reasonably have
been obtained for that property in the open market on the
date on which it was acquired;
“net capital gain” in respect of any year of assessment, means
the excess of the total capital gains over the total capital
losses in the year preceding the year of assessment;
“net capital loss” in respect of any year of assessment, means
the excess of the total capital losses over the total capital
gains in the year preceding the year of assessment;
“net chargeable capital gain” means the net capital gain in
any year of assessment reduced by the amount of any net
capital loss of previous years which is to be allowed as a
set off under this Act;
“property” includes immovable and movable property, rights
of any kind, whether absolute, conditional or contingent
and effects of any kind, situate or having their seat in
Guyana or elsewhere;
“value” with reference to any property or consideration in the
context of the definition of “capital gain” or “capital loss”
shall be the market value at the time when the event took
place;
“year of assessment” means the period of twelve months
commencing on the 1st January, 1965, and each
subsequent period of twelve months;

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Administration
of Act.
[13 of 1996]
c. 81:01

Official Secrecy.

First Schedule.

c. 81:01
“year preceding the year of assessment” means the period of
twelve months ending on the 31st December immediately
prior to such year of assessment.
PART II
ADMINISTRATION
3. (1) This Act shall be administered by the
Commissioner-General and the officers and persons
appointed for the due administration of the Income Tax Act.
(2) Any function conferred by this Act on the
Commissioner- General shall be exercised, as may be
necessary, by any officer authorised by him, according as the
Commissioner-General may direct and references in this Act
to the Commissioner-General shall be construed accordingly.

4. (1) Every person who has any official duty or is
employed in the administration of this Act shall regard and
deal with all documents, information, returns, assessment
lists and copies of those lists, relating to the income or items
of the income of any person, as secret and confidential, and
shall make and subscribe before a magistrate a declaration in
the form prescribed in the First Schedule:
Provided that any such person who has any official duty
or is employed in the administration of the Income Tax Act
and has taken and subscribed a declaration in accordance
with section 4(1) of that Act, shall be deemed to have taken
and subscribed the declaration as required by the foregoing
provisions of this subsection.
(2) Every person having possession of or control
over any documents, information, returns, or assessment lists
or copies of those lists, relating to the income or items of
income of anyone who at any time communicates or attempts
to communicate that information, or anything contained in
the documents, returns, lists, or copies, to any person—
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Persons to
whom this Act
does not apply.
c. 81:21
Basis of
assessment.
[33 of 1970]
Special period
of assessment.
[13 of 1996]
c. 81:01
(a) other than a person to whom he is
authorised by the Minister to
communicate it; or

(b) otherwise than for the purposes of
this Act, is guilty of an offence.
PART III
PERSONS TO WHOM THIS ACT SHALL NOT APPLY
5. This Act does not apply to any of the persons
exempt from the operation of the Property Tax Act by virtue
of section 6 of that Act.
PART IV
BASIS OF ASSESSMENT AND IMPOSITION OF
CAPITAL GAINS TAX
6. Subject to this Act, there shall be charged, levied
and collected for each year of assessment a tax (to be called
“the capital gains tax”) upon the net chargeable capital gain of
any person for the year immediately preceding the year of
assessment:
Provided that, save as otherwise provided in section
7A(11), where in any year preceding the year of assessment
the net chargeable capital gain of any person does not exceed
one thousand dollars no tax shall be charged, levied or
collected for that year of assessment.
7. Where the Commissioner-General has permitted
any person under section 12 of the Income Tax Act to
compute the gains or profits from his trade or business for the
purposes of the Income Tax Act upon the income of a year
terminating on some day other than that immediately
preceding any year of assessment, the Commissioner-General
may permit the net capital gain of that person to be computed
for the purposes of this Act upon the capital gains of the year
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Special
provisions
regarding
capital gains
and capital
losses.
[33 of 1970
6 of 1989
6 of 1991
13 of 1996]

terminating on that day in the year immediately preceding
the year of assessment:
Provided that where permission has been given for any
year of assessment, capital gains tax shall be charged, levied
and collected for each subsequent year upon the net capital
gain for the full year terminating on the like date in the year
immediately preceding the year of assessment subject to any
such adjustment as in the opinion of the Commissioner-
General may be just and reasonable.
7A. (1) Where a capital gain or a capital loss arises
from the change of ownership of any property occurring on a
donation of that property by its owner to any other person
such capital gain or capital loss shall be deemed to be a
capital gain or a capital loss, as the case may be, of the donor.
(2) [Deleted by Act No. 6 of 1991]
(3) A person’s acquisition of property and the
disposal of it to him shall for the purposes of this Act be
deemed to be for a consideration equal to the market value of
the property where he acquires the property otherwise than
by way of a bargain made at arm’s length and in particular
where he acquires it by way of gift or by way of distribution
from a company in respect of shares in the company, and
where the Commissioner-General is dissatisfied with the
amount of consideration stated for the disposal or acquisition
of any such property, he may reject such consideration and
substitute therefor the market value of a competent valuer.
(4) In relation to property forming part of the
estate of a deceased person the personal representatives shall
for the purposes of this Act be treated as being a single and
continuing body of persons (distinct from the persons who
may, from time to time, be the personal representatives), and
that body shall be treated as having the residence and
domicile of the deceased at the date of death.

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c. 81:21

c. 81:01

Charge of
capital gains
(5) [Deleted by Act No. 6 of 1991]
(6) On a person acquiring any property as a
beneficiary of a deceased person’s estate he shall be treated as
if the personal representatives’ acquisition of the asset had
been his acquisition of it.
(7) [Deleted by Act No. 6 of 1991]
(8) Capital gains tax due from the personal
representatives of a deceased person may be assessed and
charged on and in the name of any one or more of those
personal representatives, but where an assessment is made in
pursuance of this subsection otherwise than on all the
personal representatives the persons assessed shall not
include a person who is not resident or ordinarily resident in
Guyana.
(9) [Deleted by Act No. 6 of 1991]
(10) Chargeable gains accruing to the personal
representatives of a deceased person, and capital gains tax
chargeable on or in the name of such personal
representatives, shall not be regarded for the purposes of this
Act as accruing to, or chargeable on, any other person.
(11) [Deleted by Act No. 6 of 1991]
(12) A person shall not be chargeable with capital
gains tax in respect of any acquisition and disposal by
reference to a disposal under this section made to any
institution or endowment mentioned in section 6(k) of the
Property Tax Act, or to the Government for public purposes,
or to any prescribed institution or organisation of a national
character in Guyana, pursuant to section 35 of the Income Tax
Act.
8. (1) Capital gains tax shall, subject to this Act, be
payable at the rate specified in section 12 upon the net
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tax.
[22 of 1967
33 of 1970
6 of 1989
16 of 1994
13 of 1996]

chargeable capital gains of any person accruing in or derived
from Guyana or elsewhere and whether received in Guyana
or not in respect of the capital gains arising from—
(a) the change of ownership of any
property occurring by sale, disposal,
transfer, realisation or exchange, or in
any other manner whatsoever;

(b) the surrender or relinquishment of
any right in any property other than
the surrender of a life insurance
policy;
(c) the transfer of some of the rights in
any property other than the transfer
of the rights of a trustee in any
property subject to a trust;
(d) the redemption of any shares,
debentures, or other obligations;
(e) the dissolution of a business or the
liquidation of a company;
(f) the amalgamation or merger of two or
more businesses or companies;
(g) the formation of a company; or
(h) any transaction in connection with
which a person who promotes that
transaction without being a party to it
receives any commission or reward:
Provided that—

(i) where any such gains are
treated as profits or income
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c. 81:01


under the Income Tax Act no
capital gains tax shall be
payable on any such gains;
(ii) in the case of capital gains
accruing outside of Guyana
which accrue to a person who is
not ordinarily resident or is not
domiciled in Guyana capital
gains tax shall be payable on
the amount of capital gains
received in Guyana;
(iii) the capital gains tax shall not be
payable on capital gains arising
from the several sources listed
in paragraphs (a) to (h)
(inclusive) where such change
of ownership, surrender
or relinquishment or transfer
of rights, redemption,
dissolution, liquidation,
amalgamation, merger,
formation or transaction was
effected more than twenty- five
years after the date of
acquisition by a person of such
rights, shares, debentures, or
obligations, or business, or
other property from which the
capital gains arose:
Provided further that the net chargeable capital gains
arising to any person within a period of twelve months after
the change of ownership occurs and upon which capital gains
tax would, but for this paragraph, have been charged, shall,
unless the contrary is established by that person to the
satisfaction of the Commissioner-General, be deemed to be
part of the chargeable income for the year of assessment of
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Deductible
expenditure.

that person arising out of gains or profits from any trade,
business, profession or vocation, and chargeable with tax
recoverable under the provisions of the Income Tax Act.
(2) Capital gains tax shall not be payable upon
capital gains arising to any person from the change of
ownership of shares or stock in public companies limited by
shares, and such capital gains shall not be deemed to be part
of the chargeable income of that person under the provisions
of the Income Tax Act, whether or not the second proviso to
subsection (1) applies to such capital gains:

Provided that in the case of a company which was a
private company immediately before 7th March 1994, and
was subsequently converted into a public company limited
by shares, this subsection shall apply only to capital gains
arising from the change of ownership of shares or stock after
the expiry of two years from the date on which the company
was converted into a public company limited by shares.
PART V
ASCERTAINMENT OF CAPITAL GAINS AND LOSSES
9. The amount of a capital gain or capital loss arising
from the change of ownership of any property shall be
computed after making the following deductions—
(a) the expenditure (other than the
purchase price, if any) incurred solely
in connection with the acquisition of
that property by the person who is the
owner of that property immediately
before the occurrence of such change
of ownership;
(b) the expenditure incurred by the
aforesaid owner in making
improvements, additions or
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c. 81:01
c. 81:02


Net capital loss
carried
forward.
[22 of 1967]

alterations to that property; and
(c) the expenditure incurred by the
aforesaid owner solely in connection
with the transaction which results in
such change of ownership:
Provided that if any amount of the aforesaid expenditure
was allowed as a deduction for the purposes of income tax
under the Income Tax Act or the Income Tax (In Aid of
Industry) Act, such amount shall not be allowed in
computing a capital gain or capital loss under this Act.
10. Where in any year preceding the year of
assessment a net capital loss is incurred by any person the
amount of the net capital loss shall be carried forward and,
subject as hereinafter provided, shall be set off against his net
capital gain in the next twenty-four years in succession:

Provided that—
(a) the amount of any such net capital
loss allowed to be set off in
computing the net chargeable capital
gain of any year shall not be set off in
computing the net chargeable capital
gain of any other year; and
(b) where in any year preceding the year
of assessment the net capital loss of
any person does not exceed one
thousand dollars such amount of his
net capital loss shall not be allowed to
be carried forward as a set off against
his net capital gains of future years.
11. The net capital gain of a married woman living
with her husband shall be charged in her name.
[5 of 1987]
gains.
wife’s capital
Charge of

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Rate of tax.
[22 of 1967
33 of 1970]
Companies not
entitled to
deduct tax from
dividends paid
out of capital
gains.
c. 81:01
c. 81:02


Assessments,
collection,
appeals.
[13 of 1996]

Persons to
estimate and
pay tax.
[6 of 1989
13 of 1996]
PART VI
RATE OF CAPITAL GAINS TAX
12. Subject to section 8, capital gains tax shall be
charged upon the net chargeable capital gain of any person
for each year of assessment at the rate of twenty per cent.
13. Notwithstanding anything to the contrary
contained in the Income Tax Act or the Income Tax (In Aid of
Industry) Act, a company shall not be entitled to deduct
income tax or capital gains tax from any dividend paid to a
shareholder out of net capital gains.
PART VII
RETURNS, ASSESSMENTS, APPEALS, PAYMENT,
RECOVERY AND PAYMENT AND OFFENCES
14. (1) Capital gains tax shall be assessed and collected
by the Commissioner-General.
(2) Every person chargeable with capital gains tax
shall on or before the prescribed day in every year deliver to
the Commissioner- General a true and correct return of his
capital gains from every source whatsoever for the year
immediately preceding the year of assessment and shall, if
absent from Guyana, give the name and address of an agent
residing therein.
14A. (1) Subject to sections 8, every person required
by section 14 to deliver to the Commissioner-General a return
of his capital gains shall in that return estimate the amount of
tax payable.
(2) The tax estimated in subsection (1) shall be paid
to the Commissioner-General on or before the prescribed day
referred to in section 14(2).

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Offence for
failure to
furnish returns
and particulars.
c. 81:01

Offences in
relation to
information
required.
[8 of 1992
13 of 1996]
c. 81.01

Offence to
obstruct
Commissioner-
General.
[8 of 1992
13 of 1996]
c. 81:01
Failure to keep
records, books
and accounts.
15. Any person who refuses, fails, or neglects to
perform any act required by section 60 or 61 of the Income
Tax Act as applied by this Act for the purposes of the capital
gains tax is guilty of an offence.
16. Every person who—
(a) fails to give to the Commissioner-
General any information required in
accordance with section 63 of the
Income Tax Act as applied by this Act
for the purposes of the capital gains
tax; or
(b) fails to produce for the inspection of
the Commissioner-General or any
person duly authorised by him as
aforesaid any of the records specified
in section 63(2) which he may be
required by the Commissioner-
General or such duly authorised
person to produce,
is liable on summary conviction to a fine of ten thousand
dollars or to imprisonment for six months.
17. Any person who refuses to permit the
Commissioner- General or any officer duly authorised in
writing in that behalf by him after production of his authority,
to enter any premises referred to in section 64(1) of the
Income Tax Act as applied by this Act for the purposes of the
capital gains tax or obstructs the Commissioner- General or
such an officer in the discharge of his functions under the said
subsection is liable on summary conviction to a fine of ten
thousand dollars or to imprisonment for six months.
18. Any person who refuses, fails or neglects to keep
such records, books and accounts in the manner directed by
the Commissioner – General under section 65(1) of the
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[13 of 1996]
c. 81:01

Offences in
relation to
partnerships.
c. 81:01
Failure or
neglect to
perform certain
acts.
[13 of 1996]
c. 81:01
Offence in
relation to
witnesses
summoned
before Board of
Review.
[8 of 1992]

c. 81:01
Penalties for
offences.
[8 of 1992]
Penalty for
making
incorrect
return.
Income Tax Act, as applied by this Act for the purposes of the
capital gains tax, is guilty of an offence.
19. Any person who refuses, fails or neglects to
deliver any return required by section 66 of the Income Tax
Act as applied by this Act for the purposes of the capital gains
tax is guilty of an offence.
20. Any person who refuses, fails or neglects to
perform any act required by the Commissioner-General to be
done in pursuance of section 78(4) of the Income Tax Act, as
applied by this Act for the purposes of the capital gains tax, is
guilty of an offence.
21. (1) Any person who, being before the Board in
pursuance of any summons, refuses to give evidence or
refuses without lawful excuse to produce any book or
document in his custody or control when required so to do by
the Board shall be liable on summary conviction to a fine of
five hundred dollars:
Provided that no person giving evidence before the
Board shall be compellable to answer any question if, in the
opinion of the Board, the answer would tend to expose the
witness, his wife, or her husband to any criminal charge or to
any penalty or forfeiture other than civil proceedings at the
instance of the State or of any other person.
(2) In this section “the Board” means the Board of
Review established by section 79 of the Income Tax Act.
22. Anyone guilty of an offence against this Act for
which no special penalty is provided shall be liable on
summary conviction to a fine of five thousand dollars.
23. (l) Every person who without reasonable excuse—
(a) makes an incorrect return by omitting
or understating any capital gains of
LAWS OF GUYANA
22 Cap. 81:20 Capital Gains Tax
L.R.O. 1/2012
[8 of 1992
13 of 1996]


c. 81:01
which he is required by virtue of this
Act to make a return whether on his
own behalf or on behalf of another
person; or
(b) makes an incorrect statement in
connection with a claim for deduction
in estimating capital gains; or
(c) gives any incorrect information in
relation to any matter or thing
affecting his own liability to capital
gains tax or the liability of any other
person,
shall notwithstanding anything to the contrary contained in
this Act be liable on summary conviction to a fine of ten
thousand dollars and double the amount of tax which has
been undercharged in consequence of such incorrect return,
statement or information, or would have been so
undercharged if the return, statement or information had
been accepted as correct.
(2) The Commissioner-General may compound
any offence under this section, and may, before judgment,
stay or compound any proceedings thereunder. When the
Commissioner-General has compounded any such offence,
the sum for which the offence is compounded shall be
deemed to be capital gains tax assessed under this Act and all
the powers of the Commissioner-General under this Act to
enforce payment and recovery of any assessment shall apply
to the payment and recovery of the sum compounded as if it
were capital gains tax assessed under this Act:
Provided that sections 78 and 86 of the Income Tax Act,
as applied by this Act for the purposes of the capital gains tax,
shall not apply to any composition deemed to be capital gains
tax assessed under this subsection.

LAWS OF GUYANA
Capital Gains Tax Cap. 81:20 23
L.R.O. 1/2012
False
statements and
returns.
[8 of 1992
13 of 1996]

24. (1) Any person who—
(a) (i) for the purpose of obtaining
any deduction, rebate,
reduction, or payment, in
respect of capital gains tax for
himself or for any other
persons; or
(ii) in any return, account, or
particulars, made or furnished
with reference to capital gains
tax, knowingly makes any false
statement or false
representations; or
(b) aids, abets, assists, counsels, incites, or
induces another person—
(i) to make or deliver any false
return or statement under this
Act; or
(ii) to keep or prepare any false
accounts or particulars
concerning any income on
which capital gains tax is
payable under this Act,
shall be liable on summary conviction to a fine of ten
thousand dollars and treble the amount of capital gains tax
which has been undercharged in consequence of such false
account, particulars, return, statement, information or
representation, or would have been so undercharged if the
account, particulars, return, statement, information or
representation had been accepted as correct, and to
imprisonment for six months.
(2) The Commissioner-General may compound
any offence under this section, and may, before judgment,
LAWS OF GUYANA
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c. 81:01


Impeding or
obstructing the
Commissioner-
stay or compound any proceedings thereunder. When the
Commissioner-General has compounded any such offence,
the sum for which the offence is compounded shall be
deemed to be capital gains tax assessed under this Act and all
the powers of the Commissioner-General under this Act to
enforce payment and recovery of any assessment shall apply
to the payment and recovery of the sum compounded as if it
were capital gains tax assessed under this Act:
Provided that sections 78 and 86 of the Income Tax Act,
as applied by this Act for the purposes of the capital gains tax,
shall not apply to any composition deemed to be capital gains
tax assessed under this subsection.
(3) For the purposes of this section, a false
statement or false representation must be presumed to have
been knowingly made—
(a) whenever it reveals a degree of
negligence on behalf of the person
making it which is inconsistent with
his obligation under this Act to make
a true and correct return, account,
statement, representation or
declaration, or true and correct
particulars; or
(b) whenever a person fails to notify the
Commissioner-General without
unreasonable delay of any error or
omission in any return, statement,
declaration or representation, account
or particulars furnished, delivered,
made, kept or prepared, as the case
may be, by him.
25. Any person who obstructs or impedes, or insults,
or molests, a Commissioner-General, or other officer in the
discharge of his duties, or in his official capacity, or in the
LAWS OF GUYANA
Capital Gains Tax Cap. 81:20 25
L.R.O. 1/2012
General or his
officers.
[13 of 1996] Limitation for
institution of
proceedings.
Application of
provisions of
Income Tax Act
for the
purposes of the
capital gains
tax.
[8 of 1992]
Second
Schedule.
c. 81:01

Double taxation
relief.
[6 of 1991]
c. 81:01

Power to make
regulations.


s. 4(1)
exercise of his powers under this Act, shall be guilty of an
offence.
26. Proceedings for an offence under this Act may be
instituted at any time within six years after the commission of
the offence.
27. (1) The provisions of the Income Tax Act specified
in the Second Schedule to this Act shall, as the same apply to
income tax, apply mutatis mutandis in relation to the capital
gains tax.
(2) [Deleted by Act No. 8 of 1992]
27A. Sections 89 and 90 of the Income Tax Act and
any other written law relating to double taxation relief shall
mutatis mutandis apply to and in relation to capital gains tax
and gains chargeable thereto.
28. The Minister may, from time to time, make
regulations generally for carrying out the provisions of this
Act.
FIRST SCHEDULE
DECLARATION OF SECRECY
I, do solemnly declare that I
will truthfully, faithfully, impartially and honestly, according
to the best of my skill and knowledge execute the powers and
authorities vested in me by the Capital Gains Tax Act and that
I will exercise the powers entrusted to me by the said Act in
such manner only as shall appear to me necessary for the due
LAWS OF GUYANA
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s. 27
[14 of 1989]
execution of the same; and that I will judge and determine
upon all matters and things which shall be brought before me
under the said Act, without favour, affection or malice; and
that I will not disclose any particular contained in any
schedule, statement, return or other document delivered with
respect to any tax charged under the provisions of the said
Act, or any evidence or answer given by any person who shall
be examined, in pursuance of the said Act, excepting to such
persons only as shall act in the execution of the said Act, and
where it shall be necessary to disclose the same to them for
the purposes of the said Act, or for the purposes of or in the
course of a prosecution for perjury, or for an offence under
the said Act.
Declared before me this day
of , 20 .
...................................................
Magistrate
_______________
SECOND SCHEDULE
Sections 48, 49(1), (2) and (5), 50, 52, 53, 54, 55, 60(1), (2), (3)
and (4), 61(1), 63(1) and (2), 64(1),65(1), 66, 68, 71, 72, 74, 76,
78(1), (2), (3), (4) and (5), 79, 80, 81, 82, 83, 84(1), 86, 87, 88, 92
A 97(1), (2) and (4), 98, 99, 101, 102, 103, 104, 105, 106, 108, 115
and 116.
____________________

LAWS OF GUYANA
Capital Gains Tax Cap. 81:20 27
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SUBSIDIARY LEGISLATION
_________________
O. 37/1992 CAPITAL GAINS TAX(EXCHANGE OF
INFORMATION)(UNITED STATES OF
AMERICA) ORDER
made under section 27
Citation.
1. This Order may be cited as the Capital Gains
Tax(Exchange of Information)(United States of America)
Order 1992 and shall come into operation upon an exchange
of notes by the Contracting States in accordance with Article 6
of the Agreement in the Schedule referred to in clause 2.
Declaration by
Minister that
exchange of
information
Agreement
with United
States of
America in
relation to
capital gains
tax shall have
effect.
2. I hereby declare that clause 2 and the Schedule to
the Income Tax (Exchange of Information) (United States of
America) Order 1992 shall as they apply to income tax, apply
mutatis mutandis to capital gains tax.
___________________