Economy of Suriname

Exports & Imports

Suriname's economy relies heavily on exports of natural resources, particularly gold and oil, which account for over 80% of export earnings. However, the country also exports some agricultural products like rice, bananas, and shrimp. Suriname imports a wide range of manufactured goods, machinery, and food products. The country typically runs a trade surplus, with exports exceeding imports.

Balance of Trade

Suriname's dependence on resource exports makes its trade balance vulnerable to fluctuations in global commodity prices. A decline in commodity prices could lead to a trade deficit. The government is exploring ways to diversify exports and reduce reliance on a few key resources.

Fiscal Policy

Suriname's fiscal situation is strained due to volatile government revenue from resource exports. High spending and a large public debt burden further complicate matters. The government is implementing austerity measures to reduce spending and control inflation.

Monetary Policy

The Central Bank of Suriname (CBvS) is responsible for monetary policy. A key challenge is maintaining a stable exchange rate for the Surinamese dollar (SRD) and controlling inflation, which has been a persistent problem in recent years. The CBvS uses tools like interest rate adjustments and foreign exchange interventions to achieve these goals.

Tax system

Capital Gains Tax: Information on a dedicated capital gains tax is limited. Profits from investments might be taxed as regular income.
Corporate Tax Rate: A flat corporate tax rate of 25% applies to most businesses.
Sales Tax: Suriname utilizes a Value Added Tax (VAT) system.
Property Tax: A property transfer tax of 7% is levied on the sale of real estate. An annual property tax based on appraised value also applies, with rates varying depending on location and property type.
Payroll Tax: A social security contribution system funded by both employers and employees exists. The exact contribution rates might vary depending on the specific social security program.
Tax Deductions and Credits: While details are limited, some deductions for business expenses and personal allowances might be available. The government might also offer tax breaks for investments in specific sectors or regions to promote economic development.
Tax Compliance: Tax compliance in Suriname is considered moderate, with ongoing efforts to improve collection efficiency. The government is utilizing electronic filing systems and strengthening enforcement measures to address tax evasion.
Tax Burden: The overall tax burden in Suriname is considered moderate compared to some South American countries.