Suriname

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About

Suriname

Capital
Official languages
Population
Currency

ISO 4217

Paramaribo

Dutch, Sranan Tongo, and English

586,634 (as of July 2020)

Surinamese Dollar

SRD

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Economy

Suriname has a strong and growing economy, with a GDP of $7.3 billion in 2019. This is a 4.2% increase from the previous year, and the country is expected to continue to grow in the coming years. The country's main exports are gold, oil, and alumina, and its main imports are machinery, transport equipment, and manufactured goods. The unemployment rate in Suriname is 8.2%, which is lower than the regional average. The inflation rate is also low, at 2.2%. The country has a strong banking sector, with the Central Bank of Suriname overseeing the banking system. The government has also implemented a number of reforms to improve the business environment, including reducing the corporate tax rate and introducing a new tax code. Overall, Suriname has a strong and growing economy, with a positive outlook for the future.

Taxation

Suriname is a country located in South America, and its taxation system is administered by the Suriname Tax Authority.

Corporate taxation in Suriname is applied to both resident and non-resident companies. Resident companies are taxed on their worldwide income at a standard rate of 36%, while non-resident companies are taxed on income earned in Suriname at a rate of 36%. There are also municipal taxes that can vary depending on the location of the company. Companies are required to file annual tax returns and make payments to the Suriname Tax Authority by the deadline set by the government.

Personal taxation in Suriname is also applied to both residents and non-residents. Residents are taxed on their worldwide income at a progressive rate, ranging from 8% to 38%. Non-residents are taxed on income earned in Suriname at a flat rate of 38%. In addition to income tax, there are also taxes on wealth and inheritance. Individuals are required to file annual tax returns and make payments to the Suriname Tax Authority by the deadline set by the government.

Value Added Tax (VAT) is applied to most goods and services in Suriname at a standard rate of 10%, with reduced rates of 0% and 8% for certain goods and services. Businesses registered for VAT must file monthly VAT returns and make payments to the Suriname Tax Authority by the deadline set by the government.

The tax calendar in Suriname runs from January to December, and tax returns and payments are due by different deadlines depending on the type of tax and the taxpayer's circumstances. For example, corporate tax returns are due four months after the end of the accounting period, while personal tax returns are due by March 31 of the following year. VAT returns are due monthly, with payments due within 15 calendar days after the end of the period.

It's important to note that tax laws and regulations in Suriname can be complex, and it may be necessary to consult with a tax professional or legal expert to ensure compliance with Suriname tax laws. Additionally, tax rates and regulations can vary depending on the location and industry, and it's important to check the local tax laws and regulations to ensure compliance.

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