Suriname: Technical Assistance Report-Assessing the Launch and Administration of VAT in Suriname
Technical Assistance Reports, May 28, 2024
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- Suriname: Technical Assistance Report-Assessing the Launch and Administration of VAT in Suriname
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Bibliographic details
- Published: May 28, 2024
- Series: Technical Assistance Reports
- DOI: https://doi.org/10.5089/9798400276477.019
Overview
- A technical assistance mission, at the request of the Directorate of Taxes and Customs, evaluated how the authorities launched the Value Added Tax (VAT), administered the tax in the first 12-months of operation, and provided advice on improving the efficiency of the administration of VAT.
- Suriname implemented a VAT on January 1, 2023, replacing the Sales Tax.
Key findings
- VAT revenue collected for the first 12 months was approximately 3 percent of Gross Domestic Product (GDP).
- VAT revenue collected for the first 12 months was 95.4 percent of the collection target.
- The weaker than expected VAT performance can be attributed to how the VAT implementation was managed.
- The authorities were not sufficiently prepared to effectively implement and administer the VAT.
Identified risks and potential implications
- Several risks have been identified that, if not urgently addressed, may result in:
- weaker VAT revenue collection;
- continued weak filing and payment compliance;
- challenges to the authorities’ fiscal program.
Advisory focus
- The mission provided advice aimed at improving the efficiency of the administration of VAT (specific measures and procedures are detailed in the full report).
Source: Suriname: Technical Assistance Report—Assessing the Launch and Administration of VAT in Suriname (IMF).
Content in this bundle
- Tarea2024042