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Payroll Localized - Guyana - Form 5 (Release Notes 11th to 25th March 2022)

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System Codes were created to update the values of the (1) statutory deduction/personal allowance from $65,000 to $75,000 monthly, and (2) the TD4 Tax Ceiling from $780,000 to $900,000 annually.  The portion of earnings, for persons earning in excess of $2,700,000.00 (increased from $2,340,000) annually, that is subject to tax at 28%, has also been increased from $1,560,000 to $1,800,000 annually.  The use of the System Codes will easily allow any changes to be made to these values.  These changes are all reflected in the Form 5 report.

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