R&P Tax Alert – Fiscal end-of-the year tips 2020! (part 2/3)
This is the period of the year when most companies are busy forecasting the results for the year 2021 and the coming years. With this forecast, it is recommended to review your tax position again. In this R&P Tax Alert, we offer you guidelines that can be included in the recalibration of your tax position for the coming year.
- Value receivables, assets and stock!The assets of your company are on the (fiscal) balance sheet for the purchase price, less depreciation. We call this the book value. If the actual value of the assets is less that the book value, you may be able to write it down. The write-down is deducted from your taxable profit from the company, so you pay less tax this year.
- New company? Pay corporate income tax later by performing arbitrary depreciation on company assets:As an entrepreneur, you will have to depreciate on business assets if they decrease in value through use. This depreciation is deductible from the profit. If you intend to start a new business, you can use arbitrary depreciation under certain conditions. This means that you can write off faster. You then highlight the costs and thus postpone taxation.
- Do you expect a lower result in 2021? Request in time for lower payable income tax with your provisional income tax return 2021As you may already know, the provisional income tax return 2021 must be submitted no later than April 15, 2021 or no later than 2.5 months after the end of your financial year. The income tax due in this return is based on the income tax due from the last submitted final income tax return.If you expect to achieve a lower result in 2021 compared to the result included in the last submitted final income tax return, you must submit a request to the tax authorities to declare a lower income tax amount on the provisional income tax return 2021. This request must be submitted before February 15, 2021 or no later than one and half months after the start of your financial year.
- Request to apply the functional currency scheme.Your company must file the corporate income tax return in SRD’s. However, if your company prepares the annual accounts in a different currency, the declaration can also be made in that currency. This can be beneficial. In this way, you can ensure that currency results no longer affect the corporate income tax that you have to pay in Suriname.
This month, keep an eye on our website and social media channels for more fiscal end-of-the year tips!
Do you have questions? Please do not hesitate to contact us at +597 422877 or by email info@rellumandpartners.com
December 21st, 2021
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