Taxation of international executives
When are tax returns due? That is, what is the tax return due date?
A provisional tax return needs to be filed by 15 April of the current year with a final return due by the end of April of the following year or within 4 months upon emigration if that’s earlier.
What is the tax year-end?
The normal tax year is the calendar year. Under certain circumstances an entrepreneur or a company can use a different accounting period. In that case a provional tax return has to be filed within 2.5 months after the current tax year has commenced.
Individual income tax is imposed on the worldwide income of residents.
Non-residents are subject to tax on their total income from certain Surinamese sources.
What are the current income tax rates for residents and non-residents in Suriname?
The individual income tax rates for 2017 are:
|Taxable income (SRD)||Rate (%)|
The same tax rates apply to non-residents.
For the purposes of taxation, how is an individual defined as a resident of Suriname?
The residence of an individual is determined according to his specific circumstances. The decisive factor is the place where the taxpayer has his centre of vital social and economic interests.
Is there a de minimus number of days rule when it comes to residency start and end date? For example, a taxpayer can’t come back to the host Suriname for more than 10 days after their assignment is over and they repatriate.
What if the assignee enters the Suriname before their assignment begins?
The assignee might be regaded as a resident of Suriname as of the date of entry.
Are there any tax compliance requirements when entering or leaving the Suriname?
What if the assignee comes back for a trip after residency has terminated?
A resident individual who has been abroad and returns to Suriname within 1 year of his departure and has not become a resident elsewhere is deemed to have maintained his residency in Suriname during the period he spent abroad.
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What categories are subject to income tax in general situations?
There are five recognized categories of income, namely:
Are there any areas of income that are exempt from taxation in your Suriname? If so, please provide a general definition of these areas.
Exempt income includes:
Are there any concessions made for expatriates in your Suriname?
Is salary earned from working abroad taxed in Suriname? If so, how?
Residents, including resident individuals with the expatriate concession, are subject to Suriname income tax on their worldwide income. Relief of double taxation may be (partly) available in Suriname depending on the fact whether or not a tax treaty is in place with the country in which the services are performed or based on the national rules concerning international tax relief.
Are investment income and capital gains taxed in your Suriname? If so, how?
Capital gains derived by individuals are subject to tax only if those are derived from a business activity carried out in Suriname.
Occasional capital gains derived by individuals and gains derived from the transfer of an owner-occupied dwelling are exempt from tax.
There is a 25% withholding tax on dividends and other similar payments by resident corporations, partnerships limited by shares and other corporations with share capital.
This withholding tax is an advance payment of the final tax and is therefore creditable against the final tax liability.
Other similar payments subject to the dividend withholding tax include:
The distributing entity is required to pay the tax within a month of the distribution.
Resident investment companies, whose exclusive or almost exclusive object is the acquisition, holding, management and disposal of stocks and shares may be exempted from the dividend withholding tax by the Ministry of Finance.
Dividends are subject to a 25% final withholding tax on the gross amount.
Interest and royalties are not subject to withholding tax.
Income from debt claims secured by mortgage on real estate situated in Suriname and profit-sharing rights in a Surinamese company not resulting from shares are subject to tax at the same progressive income tax rates as apply to residents.
There is no gift tax in Suriname.
What are the general deductions from income allowed in your Suriname?
In general, in computing taxable income all expenses incurred which are necessary to obtain, collect or maintain income may be deducted.
The following personal expenses may be deducted from taxable income:
In the case of married individuals, all deductions are allocated to the spouse with the higher income.
How are estimates/prepayments/withholding of tax handled in your Suriname? For example, Pay-As-You-Earn (PAYE), Pay-As-You-Go (PAYG), and so on.
When are estimates/prepayments/withholding of tax due in your Suriname? For example, monthly, annually, both, and so on.
Taxes are generally collected during the tax year by way of withholding and by advance payments. If the tax withheld or advance payments are not final, a final assessment must be imposed in the following year.
A self-assessment system applies and the tax calculated on the basis of the advance tax return must be paid in four equal installments by 15 April, 15 July, 15 October and 31 December. The sum of the advance payments may not be less than the tax due on the most recent final return. If, under the taxpayer’s assessment, the tax is less than that from the previous year, he must inform the tax administration before 15 February and the tax administration must approve the assessment.
Is there any Relief for Foreign Taxes in your Suriname? For example, a foreign tax credit (FTC) system, double taxation treaties, and so on?
No unilateral relief for the avoidance of double taxation exists. There are tax treaties effective with Indonesia and the Netherlands.
What are the general tax credits that may be claimed in your Suriname? Please list below.
Taxpayers may deduct a tax credit of SRD 1.500 (2017) from the income tax due.