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.