STATUTORY TAX AND ROYALTY DEDUCTIONS ON SALE OF GOLD

Guyana Gold Board (GGB) hereby reminds all licensed gold miners that, under the
laws of Guyana, statutory tax and royalty deductions are required on the sale of
gold. When gold is sold to a licensed dealer, licensed trader or GGB, the following
mandatory deductions are applied at the point of sale:
Income Tax – 2.5%
In accordance with Section 33E of the Income Tax Act, Cap 81:01, individual gold
miners (excluding companies) are required to pay income tax at the rate of 2.5% of
the gross value from each gold sale. This tax is deducted and remitted to the
Guyana Revenue Authority (GRA) on behalf of the miner.
Royalty – 5%
Pursuant to Regulation 139 of the Mining Regulations made under the Mining Act,
Cap. 65:01, a royalty of 5% of the gross value of gold sold is payable. This royalty
is deducted at the time of the sale and remitted to the Guyana Geology and Mines
Commission (GGMC).
These deductions are required by law, apply to every sale of gold and are not
discretionary.
GGB encourages all miners to remain informed of and fully compliant with their
statutory obligations.

MANAGEMENT
GUYANA GOLD BOARD