On August 30, 2022, the Surinamese parliament passed legislation to remove the turnover tax and introduce a new VAT system. The 10% VAT rate is planned to come into effect on the 1st of January, 2023. The parliament will evaluate the implementation after the first year and suggest necessary reforms, as there are concerns regarding the impact of VAT on inflation.
Furthermore, the tax authorities have been instructed to set up the necessary infrastructure (e.g. software, invoicing requirements, mapping processes, training the staff) and to conduct the transition from turnover tax to VAT.
Source Fonoa
