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Suriname: VAT as part of the new tax system

The current tax system will be completely adapted. The value added tax (VAT) is part of this. Another part of the innovation is the adjustment of the tax brackets.

“We are going to create more spending space. Real income will increase and spending income will be taxed,” Finance and Planning Minister Armand Achaibersing explained at a government press conference on Wednesday.

He says that the best tax model that suits Suriname will be chosen. “The entire tax system will be changed. When the support ends, a new system will be deployed,” the minister continued.

Although the healthcare sector also consists of private individuals, they are fully subsidized. “All salaries and vacation pay are paid by the state.” Medications will also be subsidized in order to keep healthcare affordable.

The support given to civil servants and the care sector in particular is taxable and is added to the salary. After that, tax is calculated on it. According to the minister, the tax credit of SRD 750 is now more appropriate for the low-income groups. Persons with a salary up to SRD 3,628 pay no tax.

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