PwC Dutch Caribbean News
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Our ambition is to bring real value to our clients and relations. Tax laws and regulations are constantly changing. Our aim is to keep you informed of the latest news and developments in the field of audit and assurance, advisory and tax. Therefore we have launched PwC Dutch Caribbean News. The updates are prepared by PwC advisors and focus on the Dutch Caribbean market, but also include relevant international news.

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Latest news articles
FATCA: you need to act now!
The Foreign Account Tax Compliance Act (FATCA) was enacted into law by the United States in 2010. This year will be the first year that financial institutions worldwide will have to provide information to the US Internal Revenue Service (IRS).
In December 2014 the Curaçao Government has entered into a Model I Inter-governmental Agreement (the IGA). Under this IGA, financial institutions in Curaçao will still need to register with the IRS, however the information reporting will take place through a portal set up by the local Tax Authority.
It is now expected that the information must be provided before the end of August 2015. It is expected the Tax Authority will provide more information in the next few weeks. 
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Easier to become a Curaçao resident for US citizens
Until recently, US citizens needed a residency permit to live in Curaçao and would need a work permit if they wanted to work here. In a case concerning St. Maarten brought before the Joint Court of Justice, the Court ruled that based on the Friendship Treaty of 1956 between the Kingdom of the Netherlands and the United States, US citizens must be treated equal to European Dutch citizens who come to live and work in St. Maarten. As the Treaty also applies to Curaçao, the Government of Curaçao has decided to allow US citizens to take up residence in Curaçao under the same rules as those applied to European Dutch citizens. Read full article
Amendment to the Health Levy and the Health Insurance rates

Parliament of Aruba is expected to pass an amendment to increase the so-called Health levy (in Dutch abbreviated BAZV) rate from 1% to 2% and to decrease the general health insurance (in Dutch AZV) rate from 2.6% to 1.6%. The purpose is to shift the funding from direct taxation on employee's income to indirect taxation through the BAZV.

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Payment on return system to be introduced in Aruba

Recently the Government of Aruba announced its plan to reform the tax laws in Aruba. One of the important changes is the introduction of a 'Payment on Return' system for the corporate income tax. In Dutch this is referred to as the so-called 'VAS' ('Voldoening op Aangifte Systeem'). The Government is planning to introduce the VAS system for the financial-/tax year 2014. If the VAS system is introduced in 2015, it is necessary that you prepare on time and make sure that your administration is up to date.

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Appreciation exemption in the Real Estate Tax

The real estate tax or property tax offers an exemption for up to ten years for an increase in value of your property that is the result of construction, e.g. when a new building has been built or an existing building has been remodeled or improved or an extension has been added. However, to be allowed to apply this exemption, you need to report the construction timely to the tax inspector.

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© 2013 PricewaterhouseCoopers Curaçao. All rights reserved. PwC refers to the Dutch Caribbean member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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