VAT Act published ahead of January 2023 implementation
The Suriname 2022 VAT Act has now been gazetted for the introduction of VAT from 1 January 2023. This replaces the existing Turnover Tax except for the small company scheme. The sets a threshold of SRD 1 million turnover per annum.
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The South American state of Suriname’s National Assembly reviewed the Bill to introduce VAT on 1 January 2023 at 10%. The plans were last scheduled for June 2022 at 12%, and then moved to January 2023. However, the global spike in inflation has prompted the Ministry of Finance to likely opt for a 10% introduction.
The current Sales Taxes for goods and services is now 12%. This follows an increase from 10% on goods in October 2021 and rise for services from 8% to 12% at the same time.
175 countries have a VAT or GST regime.
Elements of the new VAT regime include:
- 10% standard VAT rate
- 25% luxury supplies rate
- Many basic foodstuffs and other essentials will be zero-rated. Also exports;
- Small enterprises below SRD 1 million exempted; and
- individual taxpayers will receive a tax credit of SRD 750 per month until the implementation of VAT
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