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Dear Readers, ready for a round of tax wisdom? In this blog we will take a closer look at the preliminary income tax returns in Suriname taxation.
If you’re a taxable natural person or running a taxable entity, mark April 15th on your calendar. Why? Because that’s your deadline to file a preliminary income tax return for the current tax year. If you have started your business in between the year, then you need to file the preliminary return within two and a half months after the start of the financial year. But don’t worry, we are here to break it down for you.
A preliminary tax return in Suriname is a proactive financial planning tool for taxable individuals and entities. It allows them to estimate their tax liability for the current year and pay it in four equal installments (April 15th, July 15th, October 15, and December 31th).
But here is the twist: The calculated tax that you report, must be at least equal to or more than the income tax due from your last filed final return. Now, here is a tax tip: If the calculated preliminary income tax ends up being less than what you owed on your last final income tax return, then you can file a special request in order to report the lower amount.
You have until February 15th or within one and a half month after the financial year kicks off (those with an approved broken book year) to file a request with the Tax Inspector.
We can guide you in writing this special request and ask the Tax Inspector for approval to file a lower amount for your calculated tax this year – making your preliminary income tax return a bit more pocket-friendly.
To give you a bit more insight, we are providing an example below:
Meet John – The Entrepreneur:
John, who owns business in Suriname, calculates his preliminary income tax and realizes it’s less than what he owed last year. No big deal! He files a well-explained request with our guidance to the Tax Inspector before February 15th, asking for a lower amount for his calculated tax this year.
Within two weeks, the Tax Inspector needs to give a response. But here’s the cool part – if the Tax Inspector is busy and doesn’t get back to John within two weeks, his request is automatically approved. It’s like getting a nod without waiting for the official letter!
So, there you have it – John can file a lower preliminary income tax return in Suriname. If you are doing business in Suriname, you are probably aware that it can take years to get a refund from the Tax Authorities. You therefore need to play the game smart.
Hit below button to request this services. We will be happy to assist you with this request.
Stay tuned for more tax tips! Share this article with others:
This is an updated Blog post on the amendment to the Law regarding the Minimum Wage and the Law regarding the Minimum Hourly Wage.
Read in this article about the recent amendments in Suriname regarding the intermediaries act and minimum wage act.
Amendments to the wage tax act have been officially published in the State Decree (S.B 2024 no. 2). Also note that the filing of the wage tax return must now be done in a online portal.
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