Suriname will modernize its revenue management and improve tax collection in the medium and long-term with a US$20 million loan from the Inter-American Development Bank (IDB).
This is the first of three programmatic policy-based loans supporting the country’s reform agenda for the fiscal sector. This loan will complement the Bank supported public expenditure reforms currently underway.
This program will lay the foundation for a modern revenue system through the improvement of its tax policy and tax and customs administration. The project will support measures to develop clear and concise tax legislation, introduce modern regulations and streamline processes to cut compliance costs for the tax payer and improve taxpayer services.
The project will also help modernize customs to facilitate trade and increase revenue by improving the effectiveness and efficiency of the Customs Administration. Measures supported by the project include training and improvement of customs procedures as well as the creation of anelectronic platform that will enable data to be shared among different government agencies.
The IDB loan has a 20-year maturity, a 5.5-year grace period and an interest rate based on LIBOR.