IMF Criticizes Suriname’s Lack of Preparation for VAT Implementation

• IMF says Suriname was not prepared to implement VAT effectively
• Technical assistance mission evaluated VAT implementation in Suriname
• Suriname implemented VAT on January 1, 2023, replacing Sales Tax
• VAT revenue collected for first 12 months was 3% of GDP
• Weak VAT performance attributed to lack of preparation by authorities
• Risks identified in VAT implementation need urgent addressing
• Finance Minister defended government’s decision to amend VAT
• Amendment to VAT seen as condition for IMF assistance to Suriname

Source: guardian.co.tt

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

---

---