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Suriname 10% VAT implementation January 2023

VAT launch rate likely to be lowered to 10% from 15% on inflation fears

The South American state of Suriname’s National Assembly is now reviewing a 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.

171 countries have a VAT or GST regime.

Elements of the new VAT regime include:

  • The existing 10% Solidarity Levy will be extended to 31 December 2022.
  • Income and wages taxes will be modified to provide support for the less well off in the economy, and mitigate the effects of VAT on living standards;
  • Many basic foodstuffs and other essentials will be zero-rated. Also exports; and
  • individual taxpayers will receive a tax credit of SRD 750 per month until the implementation of VAT

Most basic foodstuffs are exempt from the existing sales tax. There is also a 25% rate on luxury goods.

Check any global VAT and GST rates via our global rate database.

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