Common misconceptions about the Oil & Gas taxation in Suriname:
1. VAT has not yet been implemented. A general sales tax is – however – applicable. The VAT system of deduction of input tax is therefore not applicable. ‘Oil & Gas Contractors’ are not subject to input nor output Sales Tax.
2. Payroll tax is applicable for employment beyond the territorial waters unless a tax ruling is granted for exemption.
3. No general exemption for Corporate Income Tax is applicable for Oil & Gas Companies.
4. An exemption of import duties applies to ‘Oil & Gas Contractors’. However, certain goods are excluded from this exemption, including fuel and similar.
5. Tax Policy is determined only by the Tax Authorities of Suriname. We recommend Companies planning to do business in the Oil & Gas sector of Suriname to get proper tax advisory support from Suriname based Oil & Gas Tax Lawyers, so to avoid future tax controversy issues.