The Guyana Gold Board (GGB) has issued a public notice reminding all licensed gold miners and producers that statutory tax and royalty deductions are legally required on the sale of gold.
According to the notice published in the media, when gold is sold to a licensed dealer, licensed trader or directly to the GGB, mandatory deductions are applied at the point of sale. These deductions are required under existing laws and regulations and apply to every transaction.
Under Section 33E of the Income Tax Act, Chapter 81:01, individual gold miners, excluding companies, are required to pay income tax at a rate of 2.5 per cent of the gross value of each gold sale. The tax is deducted at the time of sale and remitted to the Guyana Revenue Authority on behalf of the miner.
In addition to income tax, a royalty of five per cent of the gross value of gold sold is payable in accordance with Regulation 139 of the Mining Regulations made under the Mining Act, Chapter 65:01. This royalty is also deducted at the point of sale and is remitted to the Guyana Geology and Mines Commission.
The GGB emphasised that these deductions are not discretionary and must be applied to every sale of gold conducted through authorised channels. Failure to comply with statutory requirements may result in breaches of the law governing gold mining and trading in Guyana.
The notice is part of ongoing efforts to ensure compliance within the gold mining sector and to promote awareness of miners’ legal obligations. The GGB urges all licensed miners to remain informed about the applicable laws and to ensure full compliance when selling gold.
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