St. Maarten ministers updated on tax reform progress


PHILIPSBURG--The Council of Ministers was updated recently about the next phase in the tax reform, for which proposals are in the finalisation phase. Several meetings have been held with stakeholders and will continue in the coming weeks, a government press release announced.

The second phase (tax reform) and third (implementation) have been approved and the Work Group New Tax System was dissolved. Two project leaders were appointed to coordinate a smooth transition and implementation of the tax reform, tentatively set for January 1, 2013.

There will be a full information campaign to inform the community before the new tax system is implemented.

Finance Minister Hiro Shigemoto is pleased with the interest in the tax reform project 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 finalised and we have a new system in place."

"The Ministry of Finance is 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, therefore contributing to employment opportunities for the population," the press release stated.

St. Maarten Hospitality and Trade Association (SHTA), Tax Foundation, the Chamber of Commerce and Industry, Social Insurance Bank SZV, the Committee for Financial Supervision CFT, the Central Bank of Curaçao and St. Maarten (CBCS) and the Department of Economic Affairs have been consulted on the tax reform.