All gold sales by miners to the Guyana Gold Board (licensed dealers and traders) are subject to the following statutory deductions:

1. Income Tax: In accordance with Section 33E of the Income Tax Act, Chapter 81:01, each customer (excluding companies) is required to pay a 2.5% tax on the gross value of their gold sale. This tax is deducted from the gross proceeds when calculating the customer’s payment. The deducted amount is remitted to the Guyana Revenue Authority on behalf of the miner. 

2. Royalty: Additionally, 5% royalty from the gross value of gold sold by each miner, is deducted as mandated by Regulation 139 of the Mining Regulations under the Mining Act, Cap. 65:01. These royalty payments are remitted to the Guyana Geology and Mines Commission.

NOTE: 

All miners, traders, and other customers are hereby encouraged to submit their Taxpayer Identification Number (TIN) Registration Certificate to Guyana Gold Board and the Licensed Dealers and Traders.

Your TIN will be attached to your tax remittance for submission to the Guyana Revenue Authority (GRA) to ensure proper crediting and compliance with statutory requirements.

Miners must ensure that they sell gold to legitimate, licensed holders to guarantee accurate statutory deductions. This will enable the Guyana Gold Board to issue precise declaration letters upon request

For more information, contact the Accounts Department on +592 225- 3129 or +592 225-3148 Ext 31 or 26.