IMF Criticizes Suriname’s VAT Implementation, Urges Urgent Action for Revenue Collection Challenges

• 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 poor implementation management
• Risks identified if issues not addressed urgently
• Finance Minister defended decision to amend VAT due to mistakes in implementation
• Amendment to VAT a condition outlined by IMF for providing assistance to Suriname

Source: jamaicaobserver.com

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.

---

---