Report on transparency yields ‘positive’ results for St. Maarten
TUESDAY, 30 OCTOBER 2012
CAPE TOWN, South Africa--St. Maarten's Phase I Peer Review Report was adopted during the fifth meeting of the Organisation for Economic Cooperation and Development (OECD) Global Forum on Transparency and Exchange of Information for Tax Purposes in Cape Town. The report concluded that all assessed elements of St. Maarten's legal and regulatory framework are in place, with only a few recommendations on further improvement to implement the international standard more effectively.
The report summarizes the legal and regulatory framework for transparency and exchange of information of St. Maarten
Finance Minister Roland Tuitt, who is attending the meeting, welcomed the positive outcome of peer review assessment and believes that the report is one that "St. Maarten can truly be proud of."
St. Maarten, as the last country within the Dutch Kingdom to be reviewed, had the opportunity to draw on the experiences of Aruba, Curaçao and The Netherlands.
"This has helped us to identify the strengths and shortcomings that exist in our legal and regulatory framework. As a result, the government of St. Maarten was able to proactively address these shortcomings and produced the best report within the Kingdom of The Netherlands," Tuitt said.
The Global Forum and OECD network will assist St. Maarten as the government continues to work on improving tax compliance, preventing tax leakage, and improving the tax system by making it simpler, fair and balanced, said the minister. "This will ultimately be to the benefit of both the government and the tax payers of St. Maarten in the long run by increasing overall tax revenues, while reducing the individual tax burden for tax payers."
The Global Forum is the multilateral framework within which work in the area of transparency and exchange of information is carried out by more than 110 member countries that participate on an equal footing.
The Netherlands Antilles had been a member of the Global Forum since 2001.