Taxation of international executives.
Are there social security/social insurance taxes in your Suriname? If so, what are the rates for employers and employees?
The social security contribution rates for full-time employees, withheld by the employer, and self-employed individuals are as follows:
|Contribution||Employee contribution (%)|
|Old age and widow and orphans insurance||4|
|General sickness insurance||2|
No contributions are levied if the employment income does not exceed SRD 2,646. There is no maximum income on which the contributions are calculated.
Social security contributions are deductible from taxable income.
Pension income is generally taxable.
Pensions include old age and disability pensions and pensions for a surviving spouse.
Pension contributions to resident and non-resident pension funds are deductible.
Are there any gift, wealth, estate, and/or inheritance taxes in your Suriname?
Although an inheritance tax exists according to the legislation in Suriname, it should be noted that in practice the inheritance tax law is currently not applied and no inheritance tax is levied.
Inheritance tax is imposed if property is acquired by inheritance and the deceased was a resident of Suriname at the time of death.
Bequests of Suriname-situs real estate from a non-resident individual to residents are subject to inheritance tax at 8% of the value.
Inheritances received by parents, children and grandchildren are exempt.
Individuals are subject to net wealth tax if their capital exceeds SRD 100,000 for single persons and SRD 120,000 for married persons.
The net capital is equal to the difference of the value of the taxpayer’s assets at the beginning of the tax year and the market value of their debts.
The net wealth tax is levied at the rate of 0.003%.
No property transfer tax is levied. Transfers of real estate are subject to stamp duty at the rate of 7% of the value of the property.
Are there real estate taxes in your Suriname?
Real estate tax is levied at the rate of 6% of the rental value of real property. For owner-occupied dwellings, the rental value is determined by subtracting SRD 50,000,000 (2017) from 1% of the market value. The minimum tax assessed is SRD 20,000.
For rented property, the rental value is fixed at the annual rent. However, it may not be less than 1% of the market value.
The rental value is determined by the Inspector of Direct Taxes for a 3-year period.
Are there sales and/or value-added taxes in your Suriname?
Suriname levies a turnover tax in respect of a wide range of goods and services supplied within Suriname. Turnover tax is also charged on the importation of most goods into the country. A committee is established to prepare the replacement of the turnover tax by VAT with effect from 1 January 2018.
Taxable supplies include:
The taxable amount is the consideration received (excluding turnover tax) for taxable supplies of goods and services or the value at importation including customs duties.
The general rate is 10% for the supply and import of goods and 8% for the supply of services.
Basic foodstuffs are zero rated.
A higher rate of 25% applies to certain locally produced and imported luxury goods such as, inter alia, cars and other motor vehicles for transport of persons with a cubic capacity of more than 2,000 cm3 and a value of at least USD 25,000 as well as motorcycles, audio and film equipment, wireless communication equipment, alcoholic beverages, tobacco products, yachts and other pleasure boats, video equipment, satellite dishes, televisions exceeding 31 inch and jewellery.
A general exemption applies to health care and educational services, amongst others.
In addition, no turnover tax is levied on imports which are exempt under the Law on Import Duties. The most important exemptions include packaging materials, means of transport, containers, scientific instruments and pieces of art for museums.
This exemption does not apply to goods manufactured in a CARICOM country. In that case the normal import duties and turnover tax are applicable.
Are there additional taxes in your Suriname that may be relevant to the general assignee? For example, customs tax, excise tax, stamp tax, and so on.
Employers must withhold wage tax from salaries and other taxable remuneration paid to their employees. Pensions and most social distributions are also subject to this withholding tax. The wage tax is an advance payment of individual income tax and is credited against the final tax liability.
Stamp duties :
Stamp duty can be applicable at various rates.
Suriname also levies excise duties on the following products: