The introduction of VAT in Suriname on 1 July 2022, is not only part of a local economic reform but also part of the global trend of shifting from direct to indirect taxation. The advantage of this shift to taxation of the consumption side, where ultimately private consumers of products will pay the tax, is that outgoing money flow is taxed rather than incoming money flow of taxable persons, thereby, leveling the final tax burden more fairly because every consumer will contribute, which will lead to more and stable tax revenues. For this reason, the government has promised a payroll and income tax concession for individuals.
Source EY
