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Suriname National Assembly Approves New VAT System from 2023 — Orbitax Tax News & Alerts

On 30 August 2022, the Suriname National Assembly announced its approval of the introduction of a new VAT system that will replace the current sales (turnover) tax system. The new system is provided for by the Value Added Tax Act 2022 with effect from 1 January 2023. The draft of the Act was introduced by the government in June 2022, including a standard VAT rate of 15%, as well as a zero-rate and exemptions for certain supplies. However, on 26 August 2022, Finance Minister Armand Achaibersing introduced a reduction in the standard rate to 10%. Additional details on the implementation of the new VAT system are expected from the government and will be published once available.