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July 28, 2020
Suriname announces new and amended tax measures to mitigate impact of COVID-19
The Suriname Minister of Finance issued an announcement, on 9 April 2020, with tax measures to alleviate the cash flow challenges faced by corporations and individuals because of the COVID-19 Pandemic. On 12 July 2020, additional tax measures were announced. A summary of the amendments to the tax measures introduced on 9 April and the new additional announced tax measures are summarized below.
1. Extension of tax filing date – preliminary tax return for the year 2020
For both corporations and individuals, the ultimate filing date for the preliminary tax return for the year 2020 has been further extended from 15 June to 30 July 2020 after an initial extension from the statutory due date of 15 April to 15 June 2020 as announced by the Minister of Finance on 9 April 2020.
2. Payments on the preliminary tax return for the year 2020
Based on the applicable Suriname tax legislation, any amount due and payable upon filing of the preliminary tax returns for the year 2020, could be paid in four equal installments on 15 April, 15 July, 15 October and 31 December 2020. Initially, the timing of the quarterly payments remained in force except for the revised payment date of the first installment which was extended from 15 April to 15 June 2020. Based on the newly announced measures, the first two quarterly payments should ultimately be paid on 30 July 2020 with the payment dates for the subsequent two installments remaining 15 October and 31 December 2020 respectively.
3. Extension of tax filing date – final tax return for the year 2019
As for the final corporate and personal income tax return for the year 2019, the filing date for both corporations and individuals has been extended from the statutory due date of 30 June to 15 August 2020.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Suriname, Paramaribo
Ernst & Young Tax Advisors, Willemstad