Introduction of VAT as of January 1, 2023
On August 30, 2022, the Surinamese parliament passed legislation to remove the turnover tax and introduce a new VAT system. The 0%, 10%, and 25% VAT rate is to come into effect on January 1, 2023.
Below you will find a clear overview of the VAT implication as they pertain to shopping at Kirpalani:
- As of January 1, 2023, prices in our stores and on our website www.kirpalani.com will be displayed including VAT
- VAT is required to be paid by customers on all goods and services delivered and consumed within Suriname
- The general VAT rate that the consumer will pay is 10%, according to the established law
- The rate will be 0% on excluded items such as food, school supplies
- All consumers contribute to the VAT - both public consumers and private consumers
- The VAT rule counts for both retailers as wholesalers
- Our receipts and invoices will be adjusted in accordance with the requirements of the law
The calculation for VAT can be illustrated in the following example:
See the explanation below regarding the above receipt.
There are 3 transactions on the receipt:
- On the 1st product a 10% VAT is calculated. The amount of SRD 2,214.00 is the amount to be paid excluding VAT for 123 items
- 10% VAT is also paid on the 2nd product including a discount. The VAT is calculated on the discount amount of SRD 11.50
- 0% VAT is paid on the 3rd product including a discount. The amount of SRD 144.00 represents the total amount for 8 items excluding VAT
- TOTAL EXCL VAT indicates the amount of all purchased goods without the VAT surcharge
- BTW indicates the sum to be paid
- TE BETALEN is the included amount of VAT at the checkout
The following rates apply in the VAT:
- 0% VAT on certain goods and services in the basic necessities of life
- 10% VAT on consumption of goods and services and import of goods
For a comprehensive overview of the new law, visit the official government VAT page.
Please visit our Frequently Asked Question (FAQ) page under categorie "General" that provides answers to common questions, assuages concerns, and overcomes objections.
Note: the information on this page is subject to change at any time based on the updates, edits, adjustments or changes by the law on Value Added Tax, August 30, 2022.
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