CATC-HCC Newsletter

_{July 2020}

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HOW TO COPE WITH THE CHANGED BUSINESS ENVIRONMENT

The rapid spread of the coronavirus through the world is clearly having an impact on the economy and general business environment in
Aruba, Curacao, St. Maarten, and the BES-islands.
For most businesses, the crisis has led, or will likely lead to at least a temporary decline in revenues
– so companies that do not react to this situation will undoubtedly put themselves at risk.

Complete article here

DEADLINE for Reporting Foreign Exchange to CBA

Obligation to pay foreign exchange commission for payments abroad.

Payments abroad are defined as:

1. Payments with domestic instruments, e.g. cash Afl.
2. Payments through the debit of an account denominated in Afl.
3. Payments with foreign instruments of payment, e.g. USD/EUR.
4. Payments through the debit of a foreign currency account, for example, USD resident account.
5. Payments made through the debit of an account denominated in foreign currency held abroad (foreign bank account), or through the debit of a current account with a person or company domiciled abroad (foreign inter-company account), whether electronically or not.

Read more here

EXTENDED Income Tax Rate Reduction Surrendering Pension Extended…. income tax rate reduction surrendering self-administered pension (e.g. director’s pension). By way of policy, the Minister of Finance, Economic Affairs, and Culture recently extended the surrendering of the self-administered pension, accrued in the company as well as externally, against the reduced income tax rate of 10%. The reduction is applicable as of 1 July 2020 up until 31 December 2020.

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