R&P Tax Alert – Increase turnover tax rate to 12% effective October 1st, 2021

By means of this tax alert we give you a friendly reminder that as of October 1st, the rate for goods produced in Suriname and the performance of services mentioned in the Appendix to the Turnover Tax Act 1997 (hereinafter: TTA) will be increased. For goods produced in Suriname, the turnover tax rate will be increased from 10% to 12%. For the services mentioned in the TTA that are performed as of October 1st, the turnover tax rate will be increased from 8% to 12%

Also, in the TTA the tax-free limit for individuals has been increased to a turnover of SRD 24,000 per calendar year. This means that entrepreneurs, individuals, who have an annual turnover of up to SRD 24,000 are exempted from filing a turnover tax return and paying this tax. To be eligible for this exemption, you will have to submit a written request to the Tax Administration.

Should you have any further questions as a result of this tax alert, please do not hesitate to contact us.