Suriname introduces VAT 2015
Fri 7th Nov 2014
The Suriname government has confirmed that it will introduce a full Value Added Tax regime from 1 January 2015. The rate for the new consumption tax has not been confirmed.
Suriname Sales Tax
The new Suriname VAT will replace the existing Sales Tax. This levies a final consumer tax of 10% on goods and 8% on services, which were set in 2002. Most basic foodstuffs are exempt from the existing sales tax.
The announcement comes following a collaboration with the International Monetary Fund in 2013. This identified the need to extend the tax base, and halt worsening of the budget deficit – currently above 5% of GDP.