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Dutch Caribbean Legislates For Trade Tax Exemptions

by Phillip Morton, Investors Offshore.com

02 October 2012


The Netherlands' State Secretary for Finance, Frans Weekers and Curacao's Minister for Finance, George Jamaloodin have signed a convention removing taxation on the cross-border movement of goods among Dutch territories in the Caribbean.

The agreement, which will be effective from November 1, 2012, will ensure that goods that are traded between the remaining Netherlands Antilles (Bonaire, Sint Eustatius and Saba) and Curacao are free from customs duties or other indirect taxes. The agreement also provides that goods that are imported from another territory which are to be exported to a territory outside of the Dutch Caribbean do not attract tax providing the necessary documentation is completed, and the goods are stored in customs warehouses.

To tackle potential abuse, the islands have committed to tax information exchange between customs and tax officials, and to streamline administrative customs clearance procedures.

In announcing the conclusion of the deal, Weekers hoped that the "elimination of taxes on Bonaire, Curacao, Saba and Sint Eustatius will lead to price reductions, to benefit both citizens and businesses."

TAGS: Finance | tax | business | Netherlands | law | international financial centres (IFC) | offshore | Netherlands Antilles | import duty | trade

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