Empowering Small Businesses in Suriname: Navigating the Path to Enhanced Tax Compliance

In the dynamic and vibrant Caribbean region, small and medium-sized enterprises (SMEs) play a pivotal role in driving economic growth and nurturing thriving communities. Amidst this vibrancy, adherence to Value-Added Tax requirements (VAT) requirements, as stipulated by regional governments, stands as a cornerstone of responsible entrepreneurship. Compliance with VAT transcends mere legal obligation; it serves as a strategic imperative for businesses looking to secure financial stability, maintain a competitive edge in the market, and contribute to the economic stability of their nations.

To nurture growth and prosperity of Suriname’s small business community, the United States Agency for International Development (USAID) Caribbean Business Enabling Environment Reform Activity (CBEE-R), implemented by IDG, partnered with Vereniging Surinaams Bedrijfsleven (VSB) to curate a series of three transformative workshops. These workshops were curated to empower small businesses in Suriname with the tools, resources, and knowledge needed to effectively navigate complex tax systems, ensuring their financial stability, long-term success, and the streamlining of VAT regulations within the country.

Mr. Roy Rijger, Tax Expert and Owner of RRconsulting, leading a workshop with small business owners on complying with new VAT laws and regulations.

The workshop covered a range of sectors such as agriculture and timber, transportation, business services, tourism, trade, and information communication and technology. More than 165 SMEs participated to engage in interactive discussions and seek expert advice from fiscal specialists and tax office representatives. The events exemplified the power of collective engagement and underscored the shared desire for growth and compliance within Suriname’s business landscape.

Participants of the workshops engaging in VAT compliance workshop

The CBEE-R initiative remains dedicated to supporting Surinamese companies, providing informative resources such as videos and informational folders. CBEE-R will continue to play a role in fostering sustainable economic growth while strengthening the bonds between government and private stakeholders. Learn more about the CBEE-R initiative, and the team leading this effort!