U.S. State Department recognizes Suriname advancement in tax transparency

PARAMARIBO, Suriname, Sept. 24, 2018 /PRNewswire/ -- The U.S. State Department has recently released a report which states that Suriname has made considerable progress in terms of fiscal transparency and the provision of quality information. The document also informs that Suriname has taken positive steps forward, through the adoption of the Law on the annual accounts in September 2017, which obliges all state-owned companies and all companies in general to make annual accounts statements, starting in 2020.

"The Ministry of Finance of Suriname is glad that the international community, including the U.S. State Department, recognizes its efforts to move the country forward," said the Honorable Gilmore Hoefdraad, Minister of Finance. "It has been a significant challenge, which we have faced with perseverance and determination, and today we see the positive results and benefits."

In addition, Suriname joined the extractive Industries Transparency Initiative as a candidate country in May 2017. As part of this effort, the Ministry of Natural Resources made information about concessions for gold mining and logging available online in August 2017. During the evaluation period, the Government also managed to make draft and approved budgets easily accessible to the general public, especially online. Information on debt obligations proved to be very extensive and publicly shared, while the international comparability of public finances has also improved statistics. 

Along with other countries mentioned in the U.S. State Department report, Suriname is thus receiving a special nomination based on its progress in the four areas of fiscal transparency standard drafted by the State Department. These areas are: 1. Publicly available budget information, 2. Almost completed budget information, 3. Reliable budget realization figures, and 4. Transparency with regard to contracts and contract award in the natural resources sector. 

Suriname offers the international community abundant opportunities and is open to explore areas for investment. 

SOURCE The Ministry of Finance of the Republic of Suriname