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Suriname VAT implementation

  • Oct 19, 2020 | Richard Asquith

The South American state of Republic of Suriname is planning to introduce Value Added Tax.

The new Suriname VAT will replace the existing Turnover 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. There is also a 25% rate on luxury goods.

Suriname's consumption tax is called the Turnover tax (TOT), locally known as Omzetbelasting, which was introduced in December 1997. TOT is administered by the Inspectie der Belastingen in Paramaribo.

VP Global Indirect Tax
Richard Asquith
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 can be contacted at: He is part of the European leadership team which won International Tax Review's 2020 Tax Technology Firm of the Year. Richard trained as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.
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