Guyana VAT Calculator

Guyana government has introduced the VAT taxation as the government plan on January 1, 2007, along with the an Excise Tax (ET) on motor vehicles, petroleum, tobacco products and alcohol. Under Guyuna value added tax, standard tax value is split into three category. All the movable goods and services are taxed at the rate of 16%.

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Guyana government has introduced the VAT taxation as the government plan on January 1, 2007, along with the an Excise Tax (ET) on motor vehicles, petroleum, tobacco products and alcohol. Under Guyuna value added tax, standard tax value is split into three category. All the movable goods and services are taxed at the rate of 16%.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

Zero rated supplies are food items, medical services and supplies, education services, water and sewage services, computers and sports gear (subject to the Customs Act).

Example

Find the VAT price and net price in Guyana (GST % is 16) for an amount of 25000 $

Add Tax

Solution :
GST % = 16
Amount = 25000

Step 1 :
GST Price = (25000 * 16 ) / 100
     = 4000 $

Step 2 :
Net Price = 25000 + 4000
     = 29000 $

Hence the VAT Price is 4000 $ and Net Price is 29000 $

Remove Tax

Solution :
GST % = 16
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 16)))
                 = 25000 - (25000 * 0.86)
                 = 25000 - 21551.72
                 = 25000 - 21551.72
GST Price = 3448.28 $

Step 2 :
Net Price = 25000 - 3448.28
                = 21551.72 $

Hence the VAT Price is 3448.28 $ and Net Price is 21551.72 $

Zero rated supplies are food items, medical services and supplies, education services, water and sewage services, computers and sports gear (subject to the Customs Act).


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