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Calls Grow For Tax Cuts To Help Curacao’s Economy

by Amanda Banks, Tax-News.com, London

01 June 2005

The chairman of the Curacao Chamber of Commerce, Ruud Thuis, has urged continued debate on the lowering of tax rates and the simplification of the tax regime in order to sustain economic growth in the island.

Thuis's call comes amid concern that Curacao will fail to post a significant increase in economic growth after its economy grew by a disappointing 0.2% during 2004.

This compares with growth rates of 2.1% in neighbouring Bonaire, and 4.5% in St Maarten.

Whilst the trade and financial services sector grew last year, the gains were largely offset by declines in activity in other sectors, notably construction and tourism.

The bi-annual meeting of local entrepreneurs organised by the Curacao Chamber, the Central Bureau of Statistics and the Bank of the Netherland Antilles has found that almost half of businesses in Curacao consider the investment climate as unfavourable, whilst in Bonaire and St. Maarten only 13% and 23% respectively think the same.

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Tags: Curaçao

 






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