Prevent loss evaporation

A loss from a company can only be carry forward up to 7 years after the year in question (7 years carry-forward). After that, these losses are lost. Losses from 2010 will evaporate as of 31 December 2017. In order to prevent loss evaporation, the profit may perhaps be increased by, for example, postponing costs and expenses or having provisions…

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Investment facilities

If you have made capital investments or do you intend to do so in 2018, you should consider making use of the investment facilities of the Investment Act 2001. – Free depreciation (accelerated depreciation) – Investment credit – Loss settlement within group – Tax holiday

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Tax Provision for Tax Planning

Do you want to postpone profit? Then see if you can still form a provision. For that it is required that the future expenses originate in facts and circumstances that occurred before the balance sheet date and that there is a reasonable degree of certainty that the expenditure will be incurred in the future. Furthermore, future expenses must also be…

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Siegfried Kenswil – INTERVIEW SURIMEP 2017

Siegfried has a LL.M. degree in International Tax and has completed various post-master advanced programs on taxation of the extractive industry. He is considered a leading tax & legal the industry. Siegfried has been providing tax and legal advice to Oil & Gas and Mining clients for over 10 years in the Netherlands, Middle East, Caribbean and Suriname. 1. What…

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Surinamese Parliament approves Act on Financial Reporting (Wet op de Jaarrekening)

The Surinamese Parliament has recently approved the Act on Financial Reporting. Those in favor say that this is a big step forward towards better regulation and governance of Suriname’s business environment. Also it’s said that Suriname’s investment climate will improve with this piece of legislation. However, those against say that this Act will significantly increase the administrative burden of Surinamese…

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VAT Suriname

The Surinamese Government has issued a draft Value Added Tax Act (‘VAT’) that will replace the current Turnover Tax in 2018. ​ The new tax act still needs to be approved by Parliament. It is expected that the draft legislation is voted in as new tax Act during the first quarter of 2018. It will be a tight timeline to…

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