{
  "title": "Suriname: Technical Assistance Report-Assessing the Launch and Administration of VAT in Suriname",
  "publication": "Technical Assistance Reports, May 28, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/technical-assistance-reports/issues/2024/05/28/suriname-technical-assistance-report-assessing-the-launch-and-administration-of-vat-in-549453",
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  "summary": "At the request of the Directorate of Taxes and Customs, a technical assistance mission 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.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- 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.\n- Suriname implemented a VAT on January 1, 2023, replacing the Sales Tax."
    },
    {
      "heading": "Key findings",
      "content": "- VAT revenue collected for the first 12 months was approximately 3 percent of Gross Domestic Product (GDP).\n- VAT revenue collected for the first 12 months was 95.4 percent of the collection target.\n- The weaker than expected VAT performance can be attributed to how the VAT implementation was managed.\n- The authorities were not sufficiently prepared to effectively implement and administer the VAT."
    },
    {
      "heading": "Identified risks and potential implications",
      "content": "- Several risks have been identified that, if not urgently addressed, may result in:\n  - weaker VAT revenue collection;\n  - continued weak filing and payment compliance;\n  - challenges to the authorities’ fiscal program."
    },
    {
      "heading": "Advisory focus",
      "content": "- The mission provided advice aimed at improving the efficiency of the administration of VAT (specific measures and procedures are detailed in the full report).\n\nSource: Suriname: Technical Assistance Report—Assessing the Launch and Administration of VAT in Suriname (IMF).\n\n---\n\n Content in this bundle\n\n- Tarea2024042\n  - Tarea2024042 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Tarea2024042 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/technical-assistance-reports/issues/2024/05/28/suriname-technical-assistance-report-assessing-the-launch-and-administration-of-vat-in-549453"
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    "Published: May 28, 2024",
    "Series: Technical Assistance Reports",
    "DOI: https://doi.org/10.5089/9798400276477.019",
    "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.",
    "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.",
    "Several risks have been identified that, if not urgently addressed, may result in:",
    "The mission provided advice aimed at improving the efficiency of the administration of VAT (specific measures and procedures are detailed in the full report).",
    "**Tarea2024042**"
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