St. Maarten Government gets update on tax reform process

POSTED: 04/23/12 1:46 PM

St. Maarten – Finance Minister Hiro Shigemoto recently attended a meeting where he was apprised of the next phase of the process to reform the country’s tax system. According to a statement the proposals, which are currently being finalized, will lead to an attractive and socially acceptable system.

A number of meetings have been held with various stakeholders to go over ideas for the new system. These discussions will continue in the coming weeks and months. Stakeholders that have been informed about the tax reform project are: St. Maarten Hospitality & Trade Association (SHTA), Tax Foundation, Chamber of Commerce & Industry, Social Insurance Bank (SZV), the Board for financial supervision (Cft), the Central Bank of Curacao and St Maarten (CBCS) and the Department of Economic Affairs, among others.

The Council of Ministers has also been updated about the second phase (tax reform) and the third phase (implementation. The cabinet has since approved those phases and the Work Group New Tax System was dissolved. Two project leaders have now been appointed to coordinate the entire project leading to a smooth transition and implementation of the new tax reform tentatively set for January 1, 2013. Shigemoto plans to do a full information campaign ahead of the implementation.

“I am very pleased with the interests in the tax reform project that has been shown by all stakeholders.  We are well on our way in revamping our national tax system and I am looking forward to when the process has been finalized and we have a new system in place,” Shigemoto said on Friday.

The ministry of finance is currently steering the process to revamp the country’s tax system making it easy to understand, easy to collect and leading to economic efficiency, fairness, transparency, and a stable and predictable system to fund public expenditures and create further economic growth that contributes to employment opportunities.

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