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Western Hemisphere > Suriname

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Cover Technical Assistance Reports
Suriname: Technical Assistance Report-Strengthening the AML/CFT Legal Framework and Developing a Risk-based Approach to AML/CFT Supervision—Central Bank of Suriname
International Monetary Fund. Legal Dept.
The mission was undertaken in the context of a capacity development (CD) project that assisted the authorities to enact a new AML/CFT law in November 2022 and amend AML/CFT secondary legislation and related components of sectoral legislation. During the mission, staff discussed the authorities’ continued initiatives to strengthen the legal framework and the existing supervisory arrangements in place at the CBvS. Staff’s main work during the mission focused on reviewing further amendments made to the AML/CFT law (Wet ter Voorkoming en bestrijding van Money Laundering en Terrorisme Financiering (WMTF), and a directive developed by the CBvS (“Richtlijn AML/CFT”). Staff also proposed amendments to a newly developed AML/CFT supervision manual (“Handboek AML/CFT Toezicht”) and the set-up of an institutional money laundering/terrorism financing (ML/TF) risk matrix as key components of the CBvS’ AML/CFT supervisory framework.
Keywords:
Richtlijn AML; supervisory arrangement; supervisory framework; risk matrix; supervisory activity; Anti-money laundering and combating the financing of terrorism (AML/CFT)
Cover Technical Assistance Reports
Suriname: Technical Assistance Report-Assessing the Launch and Administration of VAT in Suriname
International Monetary Fund. Fiscal Affairs Dept.
At the request of the Directorate of Taxes and Customs, a technical assistance mission evaluated how the authorities launched the Value Added Tax (VAT), administered the tax in the first 12-months of operation, and provided advice on improving the efficiency of the administration of VAT. Suriname implemented a VAT on January 1, 2023, replacing the Sales Tax. VAT revenue collected for the first 12 months was approximately 3 percent of Gross Domestic Product (GDP) and was 95.4 percent of the collection target. The weaker than expected VAT performance can be attributed to how the VAT implementation was managed. The authorities were not sufficiently prepared to effectively implement and administer the VAT. Several risks have been identified, and if not urgently addressed, there may be weaker VAT revenue collection, continued weak filing and payment compliance, which pose a challenge to the authorities’ fiscal program.
Keywords:
Total Input Tax; Total Output Tax; Total Supplies; Taxpayer Identification Number; Taxpayer Registration; Value Added Tax; VAT Implementation; Suriname.; VAT declaration; VAT revenue collection; departments Administering VAT; VAT Payable; revenue performance; input VAT; VAT information; Value-added tax; Tax refunds; Tax administration core functions; Sales tax; Auditing; Global; Caribbean
Cover Technical Assistance Reports
Suriname: Technical Assistance Report-Monetary and Financial Statistics Mission (May 8–19, 2023)
International Monetary Fund. Statistics Dept.
The mission worked with officials of the Central Bank of Suriname (CBS) to review the compilation framework of monetary statistics for the central bank (CB) and other depository corporations (ODCs) in accordance with the methodology set out in the IMF’s 2016 Monetary and Financial Statistics Manual and Compilation Guide and developed a roadmap to incorporate the accounts of insurance corporations and pensions funds in the compilation of monetary and financial statistics (MFS). Alongside these improvements, the CBS will be able to produce an updated and improved MFS.
Keywords:
Suriname; monetary and financial statistics; other depository corporations; other financial corporations; insurance corporations; pension funds.