Temporary solidarity levy for employees – Suriname
Written by Sue
Posted on 2 Feb 2021 - 2 minutes read
The precarious state of the financial housekeeping of the State of Suriname is currently compelling the Government to take fiscal measures to deal with the problems related to the financing of the budget deficit. Since the government is heavily dependent on income from taxes to cover its current expenditure, measures are taken for a short period to increase state income.
One of the fiscal measures is to introduce a Solidarity levy for the income group above SRD 150,000 per year to temporarily allow the higher income classes to make an extra sacrifice, under the motto that the broadest shoulders should bear the heaviest burdens.
With this Solidarity levy, an extra sacrifice is required from higher incomes for the benefit of the government budget. This Solidarity levy on wage tax and income tax will have to generate an additional income of SRD 218 million on an annual basis. It is also worth mentioning that the increased tax discount of SRD 750.00 will remain applicable.
The Solidarity Levy is now in Celery and has a temporary character from February 1 to December 31, 2021.
This temporary adjustment amounts to the following in figures:
Table 1 Normal rate:
This line in the existing table: of the part of the net income above SRD 30,193.80 – 38%
Is replaced by:
- of the part of the income above SRD 30,193.80 up to and including SRD 150,000 – 38%
- of the part of the income above SRD 150,000 – 48%
Table 2 Lump sum payment:
This line in the existing table: of the part above SRD 30,193.80 – 35%
Is replaced by:
- of the part above SRD 30,193.80 up to and including SRD 150,000 – 35%
- of the portion above SRD 150,000 – 45%
In short: the previously highest brackets of 38% and 35% are therefore limited to an annual income of SRD 150,000 and above that, additional 48% and 45% brackets have been added respectively for incomes above SRD 150,000 per year.
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