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Business Consulting
Our team ensures rapid response times, a low partner-to-staff ratio and is committed to delivering consistently high quality. Our business consulting services include naming a few: Governance, Risk, and Compliance, Business Transformation, Data Analytics, Human Capital, Operations Improvement, Program Management, Strategy & Innovation, Technology-enabled services, etc.
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Business Risk Services
We deliver practical, pragmatic, and tailored solutions that support you in growing and protecting the value of your businesses. Our business risk services include naming a few: Enterprise Risk Management, Internal Audit, Operational Audit, Compliance Framework Solutions, Regulatory Compliance, Finance Risk and Modeling, Special Attestation Services, and Technology Risk Services. Are you looking into certifying your organization for best-practice management systems? We also offer gap assessments, implementation plans and managed services for ISO9001, ISO27001/2, ISO22301, and ISO37000, amongst many others.
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IT, Cyber, Information Security & Privacy Services
Our highly skilled and experienced professionals are prepared to help you navigate the complex and dynamic digital environment you operate in. Our Cyber & Information Security solutions include amongst others: IT Audit and IT Strategy, Cyber Security Audit and Assessments, Cyber Strategy Solutions, Vulnerability Assessment and Penetration Testing, and Information Security & Privacy Frameworks (best practice) solutions.
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Corporate Finance
For the past years, our highly experienced consultants have been dedicated to delivering a comprehensive array of services including transactions, valuations, deal advisory, and restructuring.
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Managed Services
With the launch of our brand-new operations center in Suriname, we offer managed services for (e.g.) risk and quality, regulatory compliance, cyber security, information security, privacy, business processes, financial Management and many more.
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Financial Statement Audits
Our team of experienced auditors guarantee that the information presented in your financial statements is accurate and in accordance with prevailing accounting standards and company laws.
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Financial Statement Reviews
Accuracy, compliance, and reliability. Our experienced auditors conduct a thorough examination, identifying errors and providing valuable recommendations to enhance reporting practices and internal controls.
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Internal Audit Services
We analyze and pinpoint opportunities for enhancement, manage potential risks, and optimize operational efficiency, ensuring that you can confidently reach your business goals.
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Data Assurance
Rely on our proficient team to conduct thorough evaluations, detect weaknesses, and establish resilient safeguards against data breaches, unauthorized access, and data manipulation. Our data assurance solutions are designed to protect your valuable information, ensuring its integrity, and fostering trust in your information systems.
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Regulatory Compliance Services
Our Regulatory Compliance Services help you navigate complex regulatory landscapes and ensure adherence to applicable laws and regulations.
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Compilation and preparation of financial statements
Our expert team delivers comprehensive reports that provide valuable insights for informed decision-making and regulatory compliance.
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Bookkeeping and financial accounting
From managing financial records to preparing accurate reports, we ensure compliance, transparency, and sound financial management.
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Payroll compliance and administration
At Grant Thornton, we meet the challenges of our clients. Our offering is tailored to meet all your payroll requirements through a single point of contact. Our outsourced payroll team becomes your dedicated payroll department, aiming to process your payroll in the most cost effective and compliant manner.
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Business services and outsourcing
Our reliable and cost-effective outsourcing services help you streamline your business operations by taking care of your workload.
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Tax Advice and Wealth Planning for high-net worth individuals
Our team of experienced tax advisors blend commercial experience and knowledge with tax expertise to advise on the full range of transactions including sales, mergers, restructurings, and wealth planning.
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Tax Compliance
We prepare tax returns, for example for profit tax returns, personal income tax, wage tax and turnover tax/ sales tax. Our expert team handles all aspects of tax preparation and filing while keeping you informed of deadlines and minimizing the risk of penalties.
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(International) tax planning and incorporation services
Experience the perfect combination of tax planning and incorporation services in one comprehensive package. Our team of experts strategically minimize your tax liabilities while ensuring compliance with regulations. Additionally, we provide guidance and support throughout the entire incorporation process, offering valuable insights on legal structures, registration, and tax implications.
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Advice on estate and retirement planning
Secure your financial future with our dedicated estate and retirement tax planning service. Our experienced team specializes in developing tailored strategies to minimize tax liabilities, protect your assets, and optimize retirement income. Count on us to navigate intricate tax laws, ensuring peace of mind and financial security for your future.
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Advice on investing on the islands
Embark on a journey towards financial growth with our comprehensive investment advice service. Our advisors know and remain up-to-date wit the market trends on the islands in the Dutch Caribbean region. Evaluate your risk tolerance and craft personalized investment strategies tailored to your goals.
General
Suriname levies sales tax on the rendering of services and supply of goods by entrepreneurs established in Suriname or on services rendered by entrepreneurs not established in Suriname to clients established or living in Suriname. Furthermore, import of goods in Suriname is taxable with sales tax. It is in principle a cumulative system. In general, the sales tax charged to an entrepreneur is not deductible. The only exception is the sales tax charged to manufacturers established in Suriname in certain situations.
Services are only taxable if the services are mentioned in the list of services in Enclosure 1 to the Sales Tax Law 1997.
Rate
The rate for supply of goods and import of goods is 10%. The rate for the rendering of services is 8%.
Basic needs are exempted from sales tax (sugar, salt, potatoes, etc.). These basic needs are mentioned in Enclosure 2 to the Sales Tax Law 1997.
Finally, an increased rate of 25% applies to certain luxury goods, mentioned in Enclosure 3 to the Sales Tax Law 1997.
As mentioned above, services are only taxable if the services are mentioned in the list of services in Enclosure 1 to the Sales Tax Law 1997.
Supply of goods
Supply of goods is defined as:
- The transfer of ownership of goods because of an agreement;
- The transfer of goods because of an agreement of financial lease or hire purchase;
- The completion of a good by the entrepreneur who manufactured it;
- The transfer of ownership of a good which form part of an agreement to attach a good to another good;
- The disposing of goods for other than business purposes, as a consequent of which the goods leave the company assets of the manufacturer.
Rendering of services
Services are defined as all performances, which are not a supply of goods, against a remuneration.
Place of service or supply
The place of service or supply is the place where the service provider or supplier lives or is established. If the supply or service is rendered by a foreign company to a client living or established in Suriname, the service or supply is deemed to take place there where the client lives or is established.
Basis of the sales tax
Sales tax is levied on the received compensation, excluding the sales tax itself. The compensation is the total received payment, related to the supply or service. If the received compensation is not completely received in money, the compensation is all that is received in connection with the service or supply.
Moment due, by who and tax return
The sales tax is due at the moment the compensation is completely or partly received.
The sales tax is due by the entrepreneur which renders the service or supplies the goods. If services are rendered by a foreign entrepreneur to an entrepreneur, established in Suriname, the sales tax is levied from the entrepreneur which enjoys the service (reverse charge system)[1].
The sales tax is reported in a monthly return which must be filed within 15 days after the end of the month with the Suriname tax authorities. The sales tax due must be paid before or ultimately at the moment the return is submitted.
Offset of input sales tax
Only a manufacturer in Suriname can offset sales tax paid to its vendors with respect to taxable machines, raw materials, ancillary materials or semi-manufactured products or taxable services, which are used to create products, taxable with sales tax. Also, sales tax paid at the moment of import can be deducted by this manufacturer.
Sales tax is only deductible if it is charged on an invoice which meets the invoice requirements or if payment can be demonstrated by the import documents.
Import sales tax
As import of goods is considered to bring the goods in free circulation, in conformity with the import duties definition of import.
The basis for the sales tax at the moment of import is the import value for import duties, increased with import duties and excise duties, but excluding the sales tax itself.
Exemption of import sales tax is granted in the following situation:
- If an exemption applies for the import duties based on the Law Rate Import Duties 1996 (S.B. 1995 no. 111).
- If an exemption applies for import duties based on the Raw Materials Decree 1997 (S.B. 1997 no. 48).
- If an exemption import duties applies based on the Investment Law 2001 (S.B. 2002 no. 42) or Investment Law 1960 (G.B. 1974, no. 5, amended by S.B. 1989, no. 103).
- Import in connection with the banking and monetary activities based on the Bank Law (G.B. 1956, no. 97, amended by S.B. 1983, no. 94).
- If an exemption of import duties applies based on the Petroleum Law (S.B. 1991, no. 7 amended by S.B. 2001, no. 58).
Export tariff
The tariff for export of goods is 0%.
Small entrepreneur regulation
Natural persons with a yearly turnover of not more than SRD 6,000,000 are exempted from the sales tax. This must be requested in writing with the tax inspector.
Aruba, August 10, 2019
For questions please contact:
Hans Ruiter – Partner Tax (hans.ruiter@aw.gt.com)
Edsel Lopez - Partner Advisory & Assurance (edsel.lopez@aw.gt.com)
Nicole Duyvelshoff – Senior Manager Tax (nicole.duyvelshoff@aw.gt.com)
[1] Article 10, paragraph 2 Sales Tax Law 1997.