Update: Important Amendments to Suriname’s Wage Tax 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.

Today, I want to share some exciting updates about the recent amendments to Suriname’s Wage Tax. These changes, which came into effect on January 1st, 2024, aim to provide some relief and benefits for taxpayers. Let’s dive into the details!

1. Increase in the tax-free amount:

The tax-free amount has been raised to SRD 9,000 per month, up from the previous SRD 7,500. This means that a larger portion of your income will be exempt from tax, giving you more financial flexibility.

2. Higher tax deduction:

The tax deduction has also been increased to SRD 400, compared to the previous SRD 100. This deduction reduces your taxable income, potentially resulting in lower tax obligations.

3. Adjustments to wage tax brackets:

To align with these changes, the wage tax brackets have been updated. Here’s a breakdown of the new brackets:

Payroll Software

It’s important to note that these amendments have been officially published in the State Decree (S.B 2024 no. 2). This means that employers can now implement these changes in their payroll systems. If you’re using Celery as your payroll provider like we do, you’re in luck! They have already incorporated these updates into their software program.

Electronic Tax Return filing

Additionally, it’s also important to note that the filing of the wage tax return must now be done in the online portal. This means that employers are required to submit their wage tax returns electronically through the designated online platform. The online filing system ensures a more efficient and streamlined process for everyone involved. With this amendment being implemented, the payments made to the Tax Office regarding the wage tax returns have also changed.

Payment Reference

From now on the payments must include a payment reference, known as “betalingskenmerk’’ in the description of the payment. This payment reference will be given to you on your wage tax filing receipt when you’ve filed the wage tax return of the month. This reference allows for accurate and timely processing of payments, ensuring that they are correctly allocated to the respective tax obligations. Make sure to include the payment reference when making your payments to the Tax Office to avoid any delays or complications.

Positive Change

These amendments bring positive changes to the Wage Tax system, offering potential benefits to individuals and businesses alike.

Make sure to consult with a tax professional or advisor to fully understand how these changes may impact your specific situation. We can assist you with a quick scan to check whether your business is in compliance. Hit the contact button below to get in touch with us!

That’s all for now, folks! Stay tuned for more updates and feel free to reach out if you have any questions. Let’s make the most of these new Wage Tax amendments!

Francisca Tjokrodikoro

Francisca is a tax & accounting consultant at KGL and is responsible for all payroll administrations. She is currently processing payrolls for clients namely in the Oil & Gas Sector in Suriname along with some companies operating in the telecom, insurance companies and other local companies. She is highly skilled in providing optimization services for payroll.