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Western Hemisphere > Suriname

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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