Value Added Tax (VAT), which will be implemented on January 1, 2023, has already been planned for by Roy Boedhoe Enterprises. Roy Boedhoe, the director, is unclear as to the increased value. But they managed to pull this off and invented it; it’s a political issue. Turnover tax (OB), which was previously 12%, will now be eliminated, and VAT will be 10%. According to the businessman Boedhoe, some things are advancing by 2.5 percent.
He claims that the implementation of VAT will have less of an impact on those who are legally obligated. “Those who are working illegally will become aware of it. Thus, we have already prepared ourselves, but what further benefit is there? Because what have you done if there was already a turnover tax of 12 percent and you now replace it with a VAT of 12 percent? Boedhoe is curious.
This year, the administration has repeatedly delayed implementing VAT, a condition of the International Monetary Fund (IMF). Stanley Raghoebarsing, the newly appointed minister of finance and planning, claims that Suriname is the only nation in the Caribbean that has not yet implemented this tax system. It is the most equitable tax collection system. You pay more in taxes the more you spend. Basic commodities are not subject to VAT, the minister declared in a video message.