The Surinamese Government has issued a draft Value Added Tax Act (‘VAT’) that will replace the current Turnover Tax in 2018.
The new tax act still needs to be approved by Parliament. It is expected that the draft legislation is voted in as new tax Act during the first quarter of 2018. It will be a tight timeline to prepare for VAT, if implementation takes place as per 1 July 2018.
How will VAT impact your business?
Our firm offers the VAT impact assessment. Our team has in depth knowledge of the workings of VAT and the implementation details of the Surinamese VAT.
A comprehensive tax report containing analyses on:
Tax payer’s position under VAT of all legal entities;
Identifying the taxable supplies of goods and services. Taking into consideration internal and external transactions;
Categorization of supplies: exempt, 0%, 17.5%;
VAT tax deductibility of input VAT; and
VAT cash flow analysis, taking into consideration the legal structure and the internal transactions.