Suriname introduces VAT 2015
- 7 November 2014 | Richard Asquith
The Suriname government has confirmed that it will introduce a full Value Added Tax regime from 1 January 2015. The rate for the new consumption tax has not been confirmed.
Suriname Sales Tax
The new Suriname VAT will replace the existing Sales Tax. This levies a final consumer tax of 10% on goods and 8% on services, which were set in 2002. Most basic foodstuffs are exempt from the existing sales tax.
The announcement comes following a collaboration with the International Monetary Fund in 2013. This identified the need to extend the tax base, and halt worsening of the budget deficit - currently above 5% of GDP.
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.