CURACAO TAX REFORM 2011

New Opportunities for the International Sector

The Curacao tax reform 2011 was recently adopted by the Curacaoan parliament. The Curacao tax reform 2011 has some interesting features for the international financial sector. The expectations are that more features will follow during the next few years, however, no formal announcements have yet been made in this respect. A switchover from direct to indirect taxation is already evident in the Curacao tax reform 2011, although still on a modest scale. Expectations are that this trend will continue. Personal and corporate income tax rates will decrease, while turnover tax will increase from 5% …
Read the rest »

14
Oct 2011
CATEGORY

Tax, Various

COMMENTS No Comments

VOLUNTARY DISCLOSURE AND THE HUNT FOR UNDISCLOSED ACCOUNTS BY US AND DUTCH TAX AUTHORITIES

Propaganda machines up to speed

Publicity efforts by the US and Dutch tax authorities indicate that the hunt for undisclosed accounts in typical offshore jurisdictions is still a hot item. Although Curacao was not mentioned by the US authorities, the Dutch tax authorities announced a new search for undisclosed accounts in Curacao based on information provided by the French tax authorities. The IRS announced a new voluntary disclosure program which mitigates the risk of criminal prosecution in exchange for paying taxes, interest and a standardized penalty. Furthermore, the IRS announced that they will follow ‘new leads’ emanating from voluntary disclosures. …
Read the rest »

02
Feb 2011
CATEGORY

Tax

COMMENTS No Comments

REQUESTS FOR INFORMATION BY FOREIGN TAX AUTHORITIES

A request for information needs to contain specific information

The former Netherlands Antilles concluded several tax information exchange agreements (‘TIEA’) during recent years. These TIEAs also apply to the newly formed country Curacao. The Tax Arrangement for the Kingdom (‘TAK‘) is applicable within the Kingdom of the Netherlands, which includes Curacao. Article 37 of the TAK also contains the facilities for the exchange of information within the Kingdom.

Without a TIEA in place or a specific article in a double tax treaty facilitating the exchange of information between the treaty parties, the Curacao tax authorities would be prohibited from effectively exchanging …
Read the rest »

21
Dec 2010
CATEGORY

Tax

COMMENTS No Comments

TAX INFORMATION EXCHANGE AGREEMENTS

Tax Information Exchange Agreements (TIEA) and the Netherlands Antilles

In today’s world the ‘exchange of information’ is considered an important topic worldwide, appearing in many different areas, in local and international political discussions, international agreements including the process of implementation of these agreements, and in amendments of local laws and existing treaties. (Mainly as a follow-up to the recommendations and designated directions of the OECD).

Against this backdrop, in 2000, the TIEA (Tax Information Exchange Agreement) was developed by the OECD Global Forum Working Group on the effective exchange of information to promote international co-operation on tax matters through exchange of …
Read the rest »

06
Jul 2010
CATEGORY

Legal

COMMENTS No Comments

SPOTLIGHT ON CURACAO

Curacao economic country survey inserted in the New York Post

In May 2009, United International Press (UIP) issued a special bulletin on Curacao, the Netherlands Antilles, in an insert in the New York Post. UIP has also placed the bulletin on its website. Curacao is described as a Caribbean Hub with Investment Appeal. Amongst various government institutions and businesses, Spigthoff Attorneys & Tax Advisers is also mentioned (click here).

According to its website,

“United International Press is a media agency specialized in the production of comprehensive economic country surveys inserted in the New York Post. …
Read the rest »

20
May 2009
CATEGORY

Various

COMMENTS No Comments