The VAT law, which was recently approved by Suriname Parliament, has been published yesterday. It took a long and bumpy road and several drafts, seminars, discussions with stakeholders as well as lots of stress and headache for the scribes of the law, before we arrived at this historically significant moment. The new law will now require all hands-on-deck to achieve that it is timely implemented and smoothly embedded in our economy.Below are the key takeaways of the VAT law in brief.
Date of implementation is January 1st, 2023
Includes an extensive and very detailed Explanatory Note
Replaces the currently applicable Turnover tax/Sales tax
Applies on import/supply of goods and services in Suriname
“Suriname”: includes its 200 miles EEZ and Continental Shelf
The general applicable rate is 10%
A special 25% luxury rate applies on selected luxury items
Exemptions apply for a limited number of goods and services
A 0% rate applies to basic necessities and export of goods
0% also applies for supplies to O&G and mining sector
VAT exemption may apply where Custom duty is exempted
Recovery of VAT applies for suppliers of taxable goods/services
VAT recovery includes suppliers of 0% taxed goods and services
Request a Dutch copy of the law at firstname.lastname@example.org.
For your queries regarding application of the VAT law and other related issues, please contact Consuelo Andrea Denz and Christina Paal of our VAT desk.