April traditionally is the time of the year when taxpayers in Suriname are caught in the hectic of an “April Madness” 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 2018 Provisional Tax Return (PTR) for Corporate Income Tax (CIT) or Personal Income Tax (PIT) by April 15 th . Besides individual taxpayers need to file their 2017 Final Tax Return (FTR) for PIT by April 30 th . Individual taxpayers with a filing obligation for Wealth Tax (WT) should also file their WT return by the same date. The deadline for filing the 2017 FTR for CIT purposes is June 30 th .
With the filing of the PTR taxpayers report their estimated taxable income of 2018 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 15 th , October 15 th and December 31 st . Any PIT due on the FTR should be paid immediately at filing of the FTR.
It may not be such a surprise that this “April Madness” 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. Timely consulting your tax advisor may therefor proof to be an effective remedy to prevent that you or your company become victims of the “April Madness”.