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Monthly tax-free amount is SRD 7,500

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The monthly tax-free amount will rise from SRD 4,000 to SRD 7,500. The government and the Council of Trade Union Federations in Suriname have reached an understanding on this (Ravaksur). There was a follow-up meeting regarding payroll tax yesterday. Today, the Wage Tax Act change will be approved by the National Assembly. The passage of the Value Added Tax Act is related to the expansion of the tax-free border (VAT).

The government highlighted issues with taxes during the debate with Ravaksur, particularly with regard to VAT and wage taxes and how they fit into the IMF’s framework, according to the Communication Service Suriname. Both tax attorney Roy Rijger and Karel Eckhorst, a member of the IMF Executive Board, were present at the meeting.

Dayanand Dwarka, the union leader, claims that early this year, the government and union came to an agreement that, when the VAT was implemented, it would also be ensured that wage earners would receive relief from payroll taxes. Chan Santokhi, the president, stated that he is willing to agree to any requirement that falls within the parameters of the International Monetary Fund. He has made a point of stressing adherence to the IMF’s requirements and the review in March 2023. This includes the requirement that VAT be modified to allow for proper implementation.

The idea is that after three months, both the overall tax reform and the situation with the VAT law will need to be evaluated. The extension of the tax rates, which will increase as the tax-free amount is raised, has also drawn criticism. A unit will be in charge of overseeing the VAT Act’s execution. To guarantee that the goals specified for the VAT Act are also met, representatives of the business community, the government, and the trade union movement will be involved in this unit.

 

 

 

 

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