The Minister of Finance announced on 28 December 2020 new and additional incentives (incentives 12 and 13) for part 2 of the tax relief measures in connection with COVID19 to re-activate the Aruba Economy.
1. Decrease the income tax rate for 2021
As of January 2021, the following table represents changes for the income tax brackets:
- Reduction of the first two brackets from 14% to 12% and from 25% to 23%:
|
Bracket |
Table of income | Income tax | ||
| I | II | III | IV | |
| 1 |
– |
34,930 | – | 12.00% |
| 2 | 34,930 | 65,904 | 4,191.60 | 23.00% |
| 3 | 65,904 | 147,454 | 11,315.62 | 42.00% |
| 4 | 147,454 | – | 45,566.62 | 52.00% |
2. Reduction of import duties for construction material
The Minister of Finance announced a reduction of 2% on the import duties for construction materials (from 12% to 10%). As soon as we receive the underlying legislation, we will elaborate on specific requirements for construction materials.
Should you have any questions on the fiscal relief measures, please contact us. Our tax team is ready to assist you.
| NAME | |
| Andrea Bruyning | andrea.bruyning@catc-hcc.com |
| Damia Croes-Arends | damia.arends@catc-hcc.com |
| Hannah Wever | hannah.wever@catc-hcc.com |
| Joseph Loaiza | joseph.loaiza@catc-hcc.com |
| Kiala Kock | kiala.kock@catc-hcc.com |
| Mireille de Miranda | mireille.demiranda@catc-hcc.com |
| Rehu Klatt | rehu.klatt@catc-hcc.com |
| Reint Roossien | reint.roossien@catc-hcc.com |
| Robin Roossien | robin.roossien@catc-hcc.com |
| Yandry Novoa | yandry.novoa@catc-hcc.com |
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