2020 Tax Filing Deadlines
April traditionally is the time of the year when taxpayers in Suriname are caught in the hectic to meet the filing deadline for their tax returns.
All corporate and individual taxpayers with a filing obligation for income tax generally need to file their 2020 Provisional Tax Return (PTR) for Corporate Income Tax (CIT) or Personal Income Tax (PIT) by April 15th 2020.
With the filing of the PTR taxpayers report their estimated taxable income of 2020 and the CIT or PIT due on that income. Together with the filing of the PTR they need to pay a first installment equal to at least 25% of the total amount of CIT/PIT due. The balance should be paid in 3 installments, each due by respectively July 15th, October 15th and December 31st.
Besides individual taxpayers need to file their 2019 Final Tax Return (FTR) for PIT by April 30th 2020.
Individual taxpayers with a filing obligation for Wealth Tax (WT) should also file their WT return by April 30th 2020.
The deadline for filing the 2019 FTR for CIT purposes is June 30th 2020.
Any PIT or CIT due on the FTR should be paid immediately at filing of the FTR respectively on April 30th 2020 and June 30th 2020.
It may not be such a surprise that this hectic is largely caused by the frightening prospect of incurring a penalty for late filing of up to 100% of the amount of CIT/PIT due and a 25% interest charge on late payment.