Entrepreneurship on Curaçao Manual for new and small

Transcription

Entrepreneurship on Curaçao
Manual for new and small
entrepreneurs on taxes, social
insurances and other relevant
topics.
Which authorities do entrepreneurs run
into? Where do entrepreneurs register their
business? Which advantages are in place
for entrepreneurs? What are the rules and
regulations with respect to keeping the
books of the business? Which facilities
exist for new and small entrepreneurs?
These are all important questions to new
and starting entrepreneurs, which we will
try to answer in this manual.
2010
Entrepreneurship on Curaçao
Manual for new and small
entrepreneurs on taxes, social
insurances and other relevant
topics.
This is a publication of Stichting Belastingaccountantsbureau
May 2010
Translated from Dutch by SonjaJ.M. Damen-van Diemen RA, CPA
All rights reserved. Nothing from this publication may be multiplied, stored in a digital file, made public,
in any form or any way, neither electronically, mechanically, by photocopying, prerecording or in any
other manner, without the prior written consent of the editor.
Manual Entrepreneurship on Curaçao
2
Foreword
To become an entrepreneur is the easy part of entrepreneurship. To truly behave like one and to stay in
business is a more difficult task. Each entrepreneur is faced with both pleasant and unpleasant things
on a daily basis. Each entrepreneur has to deal with the multiple aspects of entrepreneurship, such as
purchasing and selling goods and/or rendering services, establishing a policy on personnel, managing
the costs of the business, keeping the books of the business and paying taxes and social premiums. In
addition to this, each entrepreneur also has a private life with often a partner and children. An
entrepreneur must therefore develop sufficient skills to be able to divide his attention between his
business and private life in a balanced manner.
Besides running his business each entrepreneur must comply with all kinds of laws, rules and
regulations. Sometimes the information you need appears difficult to acquire. Sometimes the
information you receive is not entirely clear. Often the information must be gathered from different
agencies and organizations, causing you to lose valuable time.
I am therefore delighted that Stichting Belastingaccountantsbureau initiated this manual on taxes, social
insurances and other relevant topics for new and small entrepreneurs. This manual offers
entrepreneurs essential information on a wide range of topics with respect to entrepreneurship. In
addition to the explanation of the various taxes and social insurances, this manual also addresses a
number of organizations entrepreneurs may run into.
This manual is an example of innovative and positive attention for entrepreneurs, who truly form the
basis of our economy. I hope that this manual will be appreciated by the entrepreneurs and will provide
all the necessary information for conducting their business.
Mrs. Drs. E.T. de Lannooy
Minister of Finance
3
Introduction
New and small entrepreneurs on Curaçao face many rules and regulations. They are confronted with
tax legislation, social laws, licenses and permits, but also with registrations, for example with the Dienst
voor Arbeidszorg (Labor Services) and the Kamer van Koophandel (Chamber of Commerce). Besides
that, entrepreneurs can use certain facilities and can apply for certain subsidies. There are a number of
organizations to help entrepreneurs with, for example, putting in the request for the use of a specific
facility or to obtain a certain subsidy. This manual was written to facilitate new and small entrepreneurs
on Curaçao. This manual offers entrepreneurs essential information on a wide range of topics with
respect to entrepreneurship.
This manual is primarily based on interviews and literature studies. The interviews were conducted with
employees of the various organizations involved with the rules and regulations for entrepreneurs,
amongst other things, with the rules and regulations on taxes and social insurances.
The editor would like to thank everyone who has contributed to the realization of this manual by
providing recommendations and support. Without their help this manual could not have been published.
4
Table of contents
Foreword
Introduction
Table of contents
Summary
Chapter1 Introduction
Chapter 2 Entrepreneurship
2.1
What is an enterprise?
2.2
Who is entrepreneur?
2.2.1 Entrepreneurfor turnover tax purposes
2.2.2 Entrepreneur for income tax purposes
2.3
Schedule: step-by-step plan on how to start a business
2.4
Legal forms
2.4.1 Sole proprietorship
2.4.2 Partnership
2.4.3 Firm (Vennootschap Onder Firma (VOF))
2.4.4 Man/woman firm
2.4.5 Limited partnership (Commanditaire vennootschap)
2.4.6 Private limited company / close corporation(Besloten Vennootschap (BV))
2.4.7 Public limited company / public corporation (Naamloze Vennootschap (NV))
2.4.8 Foundations and Associations
2.4.9 Diagram of all legal forms
Chapter 3 Kamer van Koophandel (Chamber of Commerce)
3.1
Handelsregister (Trade Register)
3.2
The department of investment promotion and business activities
3.3
Legal forms
3.4
Registration procedures
3.4.1 Sole proprietorship and Firm (VOF)
3.4.2 Close and Public Corporations
Chapter 4 Taxes
4.1
Registration with the Inspectie der Belastingen (Internal Revenue Service)
4.2
Turnover tax
4.2.1 The delivery of goods
4.2.2 The rendering of services
4.2.3 Exemptions
4.2.4 The import of goods
4.2.5 Administration
4.2.6 Invoices
4.2.7 Time at which the turnover tax becomes payable
4.2.8 Declaration and payment of turnover tax
4.2.9 To complete the tax return
4.2.10 Reassessment of taxes
4.2.11 Regulation for small entrepreneurs (RKO regulation)
4.3
Profits tax
4.3.1 What is profits tax?
4.3.2 Who has to pay profits tax?
4.3.3 When do you have to pay profits tax?
4.3.4 Differences between the commercial annual accounts and
the annual accounts for tax purposes
4.3.5 Calculation of profit
4.3.6 Replacement reserve
4.3.7 Fiscal compensation of losses
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4.3.8
4.3.9
4.3.10
4.4
4.4.1
4.4.2
4.4.3
4.4.4
4.5
4.5.1
4.5.2
4.5.3
4.5.4
4.5.5
4.5.6
4.5.7
Foundations and Associations
Tax holiday and E-zone
Questionnaire
Income tax
Income tax
Who has to pay income tax?
When do you have to pay income tax?
Withholding of income tax: liability of the employer
Payroll tax
Personnel and taxes
Forms
Declaration and payment
The term wages
Expense allowances
Fixed expense allowances
The ultimate responsibility for the payment of payroll tax
and social insurance premiums (ketenaansprakelijkheid)
4.6
Administration and taxes
4.6.1 Orderly administration
4.6.2 Cash records
4.6.3 Tips
4.7
Costs and taxes
4.7.1 Costs
4.7.2 Deductible and non-deductible costs
4.7.3 Real estate
4.8
Investments and purchases
4.8.1 What are purchases?
4.8.2 What are investments?
4.8.3 What are operating assets?
4.8.4 Depreciation and accelerated depreciation on operating assets
4.8.5 Investment allowance
4.8.6 Capital disposal charge
4.9
Car expenses and taxes
4.9.1 A company car or a private car?
4.9.2 The employee drives a company car
4.10
Objection and appeal
4.10.1 Objection
4.10.2 Appeal
4.11
Administrative fines
4.11.1 Omission fines
4.11.2 Offence fines
Chapter 5 Stichting Belastingaccountantsbureau
5.1
The organization of Stichting Belastingaccountantsbureau
5.2
Tasks of Stichting Belastingaccountantsbureau
5.3
Audit types
5.3.1 What is a tax audit?
5.3.2 Observation (WTP)
5.3.3 Special audits
5.3.4 Flash audits
5.4
Tax audit procedures
Chapter 6 Social insurances
6.1
What are social insurances?
6.2
Registration with the Sociale Verzekeringsbank (SVB)
6.3
How to pass on changes?
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6.4
Social insurances
6.4.1 General old age insurance (AOV)
6.4.2 General widows, widowers and orphans insurance (AWW)
6.4.3 General insurance for extraordinary medical expenses (AVBZ)
6.5
Employee insurance schemes
6.5.1 Health insurance
6.5.2 Accident insurance
6.6
Cessantia regulation
Chapter 7 Dienst voor Arbeidszorg (Labor Services)
7.1
What is the Dienst voor Arbeidszorg (Labor Services) (DAZ)?
7.2
Who is the DAZ have been intended?
7.3
Registration with the DAZ
7.4
What is a labor register?
7.5
How to pass on of changes to the DAZ?
7.6
Tasks of the DAZ
Chapter 8 Dienst Economische Zaken (DEZ) (Department of Economics)
8.1
E-fondo regulation
8.2
ADA regulation
8.3
Faston regulation
8.4
Other regulations/subsidies
Chapter 9 Licenses
9.1
Permit to establish a business (Vestigingsvergunning)
9.1.1 Ground plan
9.2
License based on the Public Nuisance Act (Hinderwetverordening)
9.3
Licenses based on the Country Regulation on Licenses
(Vergunningslandverordening)
9.4
Import license
9.5
Dispensation from the Shop Trading Hours Act
(Landsverordening Winkelsluiting)
9.6
Licenses for overtime and different working hours
9.7
Resident and work permits
Chapter 10 Customs
10.1
Import
10.2
Storage
10.3
Exemptions
10.4
Transit
10.5
Objections
10.6
E-zone
Chapter 11 Accompanying organizations
11.1
Foundation Sedeck
11.1.1 Objectives of foundation Sedeck
11.1.2 Who is foundation Sedeck intended for?
11.1.3 Other services of foundation Sedeck
11.2
Foundation Stimul-IT
11.2.1 Foundation Stimul-IT
11.2.2 Who is foundation Stimul-IT intended for?
11.2.3 Activities of foundation Stimul-IT
11.2.4 E-fondo (eBusiness fund)
11.3
Administrative offices
11.3.1 What is an administrative office?
11.3.2 Activities of an administrative office
11.3.3 Who is an administrative office useful for?
11.3.4 Application procedure
List with most important addresses and telephone numbers
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Summary
Chapter 1 gives a brief introduction on this manual for new and small entrepreneurs.
Chapter 2 discusses entrepreneurship. Besides an explanation of what is meant by the term
“company”, entrepreneurship for tax purposes will be addressed, followed by a step-by-step plan on
how to start a business. Chapter 2 is concluded with an overview of the different legal ways to set up a
company.
Chapter 3 discusses the Kamer van Koophandel (Chamber of Commerce). It describes the
Handelsregister (Trade Register), certain activities of the Kamer van Koophandel (Chamber of
Commerce) and the procedures which must be followed to register natural (physical) persons and legal
persons with the Kamer van Koophandel (Chamber of Commerce).
Chapter 4 discusses taxes. First of all the registration of a business with the Inspectie der Belastingen
(Internal Revenue Service) is described, followed by the most important aspects of turnover tax
(omzetbelasting). Amongst other things, chapter 4 explains the terms “delivery of goods” and “rendering
of services”, the various turnover tax exemptions, turnover tax in relation to the import of goods, the
various administrative obligations, how to submit and pay the turnover tax return and the special
regulations for small entrepreneurs (RKO regulation).
After discussing turnover tax, the most important aspects of profits tax will be reviewed. Chapter 4
describes the term “profits tax”, the obligation to pay profits tax as well as the terms “commercial annual
accounts” versus “annual accounts for tax purposes”. Finally, a closer look is taken at some specific
provisions in the rules and regulations on profits tax.
After profits tax, there is a brief discussion on income tax. With respect to income tax the following
questions are answered: who must pay income tax and when is the income tax due?
The final tax type described in chapter 4 is payroll tax. It starts with a discussion on personnel
(employees), followed by the administrative obligations with respect to payroll tax and an explanation of
the terms “wages” and “expense allowances”. The paragraphs on payroll tax are concluded with an
explanation of the ultimate responsibility for the payment of payroll tax and social premiums
(ketenaansprakelijkheid).
Furthermore, chapter 4 contains six paragraphs on the following subjects: the importance of keeping
the books of the business, the deductibility of costs, the difference between investments and purchases
(including depreciation), car costs and private use of a company car, the rules with respect to objection
and appeal and finally, administrative fines.
Chapter 5 describes the activities of Stichting Belastingaccountantsbureau. It also gives a short outline
of the different types of audits and the way a tax audit is conducted.
Chapter 6 describes social insurances. After a general explanation on social insurances, the
registration with the Sociale Verzekeringsbank (SVB) is discussed. This is followed by an explanation of
the Antillean social insurances and employee insurance schemes. The chapter is concluded with a
short description of the so-called Cessantia regulation.
Chapter 7 discusses the Dienst voor Arbeidszorg (Labor Services). The most important questions
answered in chapter 7 are: what are the tasks of the Dienst voor Arbeidszorg (Labor Services), who is
8
the Dienst voor Arbeidszorg (Labor Services) intended for, how to register with the Dienst voor
Arbeidszorg (Labor Services) and what is a labor register?
In most cases, from an economic point of view, there are special facilities in place for entrepreneurs. In
chapter 8, Dienst Economische Zaken (DEZ) (Department of Economics), a number of these special
facilities are discussed.
Chapter 9 gives information on the different licenses and/or permits an entrepreneur might have to
apply for.
In general, importing goods and services is important business to islands. Chapter 10 therefore
addresses the activities of Customs (Douane). Besides import, storage and transit of goods, various
exemptions are discussed. Furthermore, the subject of submitting an objection is addressed. The
chapter is concluded with an explanation of the E-zone.
Chapter 11 is the last chapter of this manual. In chapter 11 several organizations dealing with
entrepreneurs are reviewed, such as foundation Sedeck, foundation Stimul-IT and administrative
offices.
Finally, the manual contains a number of helpful appendices.
9
Chapter 1
Introduction
An enterprise is an organization aimed at participating in the social production process by the use of
labor and capital with the intention to make a profit. An entrepreneur is a natural (physical) or legal
person who is independently engaged in a business or trade and works eight or more hours per day in
this business or trade. An enterprise can be set up in various legal ways.
First of all, each enterprise must be registered with the Handelsregister (Trade Register) of the Kamer
van Koophandel (Chamber of Commerce). This registration follows a number of procedures and
conditions, which vary between the different legal forms.
Next, the entrepreneur must go to the Inspectie der Belastingen (Internal Revenue Service) to apply for
a so-called CRIB number (CRIB: Curaçao Recording Information Belastingdienst). He must also
complete a form with all the necessary information regarding his tax obligations with the Inspectie der
Belastingen (Internal Revenue Service). While in business, the entrepreneur must declare and pay
turnover tax, profits tax (legal persons) and/or income tax (natural persons). If the entrepreneur
employs personnel, he must also declare and pay payroll tax and social insurance premiums. Stichting
Belastingaccountantsbureau ensures that entrepreneurs file their tax returns and pay their taxes, by,
amongst other things, auditing the books of enterprises.
After registration with the Inspectie der Belastingen (Internal Revenue Service) the entrepreneur must
register his business with the Sociale Verzekeringsbank (SVB). This organization executes the national
social insurances laws. Social insurances consist of general insurances and employee insurance
schemes. They provide for cover at certain events. For that matter, premiums are paid, based on a
person’s income.
Finally, each entrepreneur must register the number of employees working in his company with the
Dienst voor Arbeidszorg (DAZ) (Labor Services). The Dienst voor Arbeidszorg (Labor Services) is an
organization aimed at protecting the rights and obligations of employees. The Dienst voor Arbeidszorg
(Labor Services) is working for both employers and employees.
Besides information on the required registrations with the several organizations mentioned above,
information is provided on other organizations of equal importance to entrepreneurs.
10
The Dienst Economische Zaken (DEZ) (Department of Economics), for instance, carries out a number
of special regulations for enterprises in the middle and small segment on Curaçao. The main goal being
to stimulate the start of new businesses. Furthermore, each entrepreneur must consider the several
licenses he or she must apply for. One of them is the permit to establish a business to protect the trade
on the island. This application must be done in writing at the Dienst Economische Zaken (DEZ)
(Department of Economics).
When purchasing and selling goods abroad, entrepreneurs will run into Customs. Goods may be
imported, carried through or exported by ship or plane. When importing goods, the entrepreneur must
bear in mind the declaration, the import rates, turnover tax and certain storage deadlines.
Finally, this manual gives information on other organizations. For instance, foundation Sedeck,
foundation Stimul-IT and the Association of Antillean Tax Consultants (Vereniging van Antilliaanse
Belastingadviseurs). In addition to this, the entrepreneur may use the services of administrative offices
or advisory firms.
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Chapter 2
Entrepreneurship
2.1
2.2
2.2.1 Entrepreneur for turnover tax purposes
2.2.2 Entrepreneur for income tax purposes
2.3
Schedule:
Step-by-step plan on how to start a business
2.4
Legal forms
2.4.1 Sole proprietorship
2.4.2 Partnership
2.4.3 Firm (Vennootschap Onder Firma (VOF))
2.4.4 Man/woman firm
2.4.5 Limited partnership (Commanditaire Vennootschap (CV))
2.4.6 Private limited company / close corporation
(Besloten Vennootschap (BV))
2.4.7 Public limited company / public corporation
(Naamloze Vennootschap (NV))
2.4.9 Diagram of all legal forms
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Chapter 2
Entrepreneurship
Each entrepreneur has to deal with tax legislation and the national social insurances laws. For tax
purposes one is considered entrepreneur when running a store. If you sell your private car to your
neighbor you are, however, not considered an entrepreneur by the Inspectie der Belastingen (Internal
Revenue Service). There are certain questions linked to entrepreneurship: who is entrepreneur, which
taxes must be paid, which legal forms may be considered?
In this chapter, we first give a description of the various aspects of entrepreneurship. We describe the
meaning of being an entrepreneur, followed by a list of legal forms to conduct a business. This chapter
is concluded with a schematic overview of the steps which must be taken when starting a business.
2.1
An enterprise is an organization aimed at participating in the social production process by the use of
labor and capital with the intention of making a profit.
There are no guidelines for starting a business with respect to the initial capital.
Characteristics of an enterprise can be, amongst other things, the following:
•
the aim to make a profit;
•
the engagement in the sale of goods and/or the rendering of services.
2.2
You are considered entrepreneur if you independently engage in a business or trade. You are not
considered entrepreneur if you work as an employee. You are an entrepreneur if you work more than 8
hours per day in your business with the intention of making a profit.
The different tax laws have different definitions of the term “entrepreneur”. To clarify this, a description
is given of entrepreneurhip for turnover tax purposes and entrepreneurship for income tax purposes.
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2.2.1
Entrepreneur for turnover tax purposes
One is considered to be an entrepreneur for turnover tax purposes if one purchases/sells goods and/or
renders services to third parties. Important is that one conducts the business independently. Also, the
frequency of the purchasing/selling is important. The legal form of the business is not important for
turnover tax purposes.
Example
Ms Marie sells her sofa to her neighbor. She will not be considered an entrepreneur for turnover tax
purposes.
Now, Ms Marie intends to buy sofas with the purpose of selling these sofas on a regular basis. Will she
be considered an entrepreneur for turnover tax purposes? Important is whether she goes public with
her business, for example by advertizing in the newspapers. If this is the case, she is considered an
entrepreneur for turnover tax purposes and must pay turnover tax on her sales.
2.2.2
Entrepreneur for income tax purposes
One is considered to be an entrepreneur for income tax purposes if one meets the following
requirements with respect to entrepreneurship:
•
one has the intention of making a profit;
•
important is the degree in which one conducts the business independently;
•
one spends more than 50% of his or her working hours in the business;
•
one is responsible for all debts of the business.
As a natural (physical) person one has to pay income tax when conducting the business in the following
legal forms:
•
Sole proprietorship;
•
Partnership;
•
Firm (VOF);
•
Man/woman firm;
•
Limited partnership (CV).
2.3
Schedule: Step-by-step plan on how to start a business
When starting a business you must consider various regulations. To simplify the process of starting a
business, we prepared a step-by-step plan.
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Step 1:
You wish to start a business. At this stage you familiarize yourself with the possibilities of setting up a
business. You have a realistic and achievable idea and you do have the resources to start business. At
this stage you may want to contact the organizations listed hereafter for:
•
setting up a business plan;
•
granting finances;
•
acquiring knowledge, by means of workshops and such;
•
or you can get in touch with several organizations for further information with respect to starting
a business.
Organizations which may be important for you at this stage include:
•
foundation Sedeck, information on starting a business;
•
foundation Stimul-IT, workshop ICT;
•
Banks, with respect to possible financing;
•
Dienst Economische Zaken (DEZ) (Department of Economics), concerning licenses and
permits.
Step 2:
As soon as you know what kind of company you wish to have, you can start orienting yourself on the
goods you wish to sell or the services you wish to render. It is important to know whether you need
certain licenses for your particular line of business. Equally important is whether you plan on importing
or exporting goods.
Organizations which are important in this respect are:
•
Customs (Douane);
•
Dienst Economische Zaken (DEZ) (Department of Economics);
•
Manufacturers and service providers.
Step 3:
Once you have a business plan for your enterprise, you must register your company with various
organizations, such as:
•
the Kamer van Koophandel (Chamber of Commerce) (KvK);
•
the Sociale Verzekeringsbank (SVB);
•
the Dienst voor Arbeidszorg (Labor Services) (DAZ);
•
the Inspectie der Belastingen (Internal Revenue Service).
The Kamer van Koophandel (Chamber of Commerce) and the Dienst voor Arbeidszorg (Labor
Services) do charge a registration fee. Registration with the other organizations is free of charge.
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2.4
Legal forms
Upon starting a business it is important to determine the legal form of the business. You can choose a
form in which you are in charge as the owner of the company. You can also choose the use of a legal
person. Legal person refers to the type of legal form you choose. A public corporation (NV) or a close
corporation (BV) are, for instance, legal persons. If an enterprise is by means of a legal person, liability
has been arranged differently than when an enterprise is by way of a natural person. Hereafter we give
a short description of each legal form.
2.4.1
A sole proprietorship
You are the only owner of the enterprise. If you hire staff, you must pay payroll tax and social
premiums. (See Chapter 4, paragraph 5 Payroll tax and Chapter 6 Social Insurances). Also, turnover
tax is applicable for a sole proprietorship (See Chapter 4, paragraph 2 Turnover tax).
As the owner of a sole proprietorship you are entrepreneur for income tax purposes (See Chapter 4,
paragraph 4 Income Tax).
As the owner of a sole proprietorship you can not insure yourself for medical expenses with the Sociale
Verzekeringsbank (SVB), based on the Landsverordening Ziekteverzekering (ZV). This type of medical
insurance is only applicable to employees. You must therefore buy a private insurance covering your
medical expenses.
A sole proprietorship is not a legal person; the owner of the sole proprietorship is liable for the debts of
the company.
Attention!
The owner of a sole proprietorship is also liable for the debts of the company in private.
2.4.2
Partnership
Whenever you exercise a free trade in association with others (your partners), your enterprise is called
a partnership. People exercising free trades are doctors, lawyers and notaries.
Each partner is equally liable for the debts of the company.
Example
A partnership has two owners (partners) and the partnership has incurred a debt in the amount of Naf
50,000.-. Each partner is responsible for the full Naf 50,000.-. If one partner can pay off an amount of
Naf 25,000.-, the other partner must pay the remaining Naf 25,000.-. Both partners are liable for an
equal part of the total debt of the partnership.
16
A partnership is not a legal person. Each partner is entrepreneur for income tax purposes for his share
in the profits of the partnership. A partnership must pay payroll tax and social premiums when it
employs personnel (See Chapter 4, paragraph 5 Payroll tax and Chapter 6 Social Insurances).
Turnover tax is also applicable for a partnership (See Chapter 4, paragraph 2 Turnover tax).
2.4.3
Firm (Vennootschap Onder Firma (VOF))
If you start a company with others (firm members), the company is called a firm (Vennootschap Onder
Firma (VOF)). A firm must pay payroll tax and social premiums when it employs personnel (See
Chapter 4, paragraph 5 Payroll tax and Chapter 6 Social Insurances).
Each firm member is severally liable for the total debt of the firm.
Example
Imagine a firm with three firm members and a debt of Naf 30,000.-. Two firm members have no money
to pay the debt of the firm. The third member has enough money and must therefore pay the total debt
of Naf 30,000.-.
A firm is not a legal person. Each firm member is entrepreneur for income tax purposes for his share in
the profits of the firm.
Turnover tax is also applicable for a firm (See Chapter 4, paragraph 2 Turnover tax).
2.4.4
Man/woman firm
A man/woman firm is a special type of firm. In this case you start a company with your spouse. For a
man/woman firm apply the same rules as for an ordinary firm.
Each firm member is entrepreneur for income tax purposes for his share in the profits of the firm. When
entering into a man/woman firm you must arrange for a partnership agreement with your spouse.
A man/woman firm must pay payroll tax and social premiums when it employs personnel (See Chapter
4, paragraph 5 Payroll tax and Chapter 6 Social Insurances).
A man/woman firm is not a legal person. Each partner is severally liable for the firm’s debt with his of
her property.
Turnover tax is also applicable for a man/woman firm (See Chapter 4, paragraph 2 Turnover tax).
17
Attention!
The several liability also applies if you are married under a marriage settlement.
2.4.5
Limited Partnership (Commanditaire Vennootschap (CV))
For the limited partnership almost the same rules apply as for the firm. Turnover tax is also applicable
for the limited partnership and each partner is severally liable for the total debt of the limited
partnership.
The difference between a firm and a limited partnership is that a limited partnership has so-called silent
partners. A silent partner invests money in the company, but does not interfere with the day to day
business of the company. A silent partner is therefore not liable for the debts of the limited partnership.
The income of the silent partner from the limited partnership is taxed as business profit.
A limited partnership must pay payroll tax and social premiums when it employs personnel (See
Chapter 4, paragraph 5 Payroll tax and Chapter 6 Social Insurances).
2.4.6
Private limited company or close corporation (Besloten Vennootschap (BV))
A private limited company is a company which you can establish just by yourself or with others. A
private limited company is established with the help of a notary. The notary draws up an authenticated
certificate, in which, amongst other things, the statutes of the company are outlined and the names of
the shareholders. You will be charged for the establishment of a private limited company. A private
limited company is a legal person with one or more registered shares.
A private limited company must have an establishment license. This license can be obtained from the
Dienst Economische Zaken (DEZ) (Department of Economics).
A private limited company is, as it is a legal person, liable for the debts of the company.
A private limited company must pay turnover tax on its sales and profits tax on its profits (See Chapter
4, paragraph 2 Turnover tax and 3 Profits tax).
A private limited company must pay payroll tax and social premiums on the wages of the director and
staff. (See Chapter 4, paragraph 5 Payroll tax and Chapter 6 Social Insurances).
2.4.7
Public limited company or public corporation (Naamloze Vennootschap (NV))
A public limited company is a legal person, with one or more registered or bearer shares. Establishment
occurs at the notary. The notary draws up an authenticated certificate with the statutes of the company
and the names of the shareholder(s).
Besides the authenticated certificate the public limited company must also have an establishment
license. The establishment license must be requested at the Dienst Economische Zaken (DEZ)
(Department of Economics). A public limited company is, as it is a legal person, liable for the debts of
the company.
The director of the public limited company is considered an employee and therefore qualifies for health
and accident insurances.
A public limited company must pay payroll tax and social premiums on the wages of the director and
staff. (See Chapter 4, paragraph 5 Payroll tax and Chapter 6 Social Insurances).
A public limited company must pay turnover tax on its sales and profits tax on its profits (See Chapter 4,
paragraph 2 Turnover tax and 3 Profits tax).
18
Attention!
Although the director of the public corporation is considered an employee of the company, he can be
held responsible in the case of mismanagement of the company. This also applies to the private limited
company described in the previous paragraph.
The private limited company and the public limited company must comply to the same establishment
rules:
establishment by means of an authenticated certificate;
an establishment license is necessary;
publication of the statutes of the company.
2.4.8
Foundations and associations are both not-for-profit organizations. A foundation is a legal person
without members. A foundation intends to look after a certain public social interest such as the
promotion of the well-being of children or the support of the poor and needy. The goal of a foundation
can not be the distribution of money to its founders or its governing board. The foundation can,
however, distribute money to third parties from an idealistic or social point of view.
An association is a legal person with members. The goal of an association is to promote the interests of
its members such as a sports association. The goal of an association can also be the promotion of the
interests of non-members such as an association with a social or an ideal objective.
Foundations and associations do not have to pay profits tax, if they do not run a business.
Attention!
If a foundation or association does run a business, it only has to pay profits tax on the profits from that
business.
19
Attention!
A foundation or association which does not run a business does not have to file a tax return.
2.4.9
Diagram of all legal forms
Here you will find a schematic overview of all legal forms. In this schedule all legal characteristics and
the applicable taxes are described.
Legal form
Legal characteristics
Taxes
Sole proprietorship
-Not a legal person;
-Owner is personally liable for
the debt of the business.
Owner:
-Turnover tax;
-Income tax on the profits;
-Payroll tax on the wages of
personnel
-Arrange for a membership
agreement;
-Each owner (firm member) is
liable for the total debt of the
firm.
Each owner (firm member):
-Income tax on his share of the
profits of the firm.
-Arrange for a membership
agreement;
-Each partner is personally liable
for the total debt of the firm,
even in the case of a marriage
agreement.
Each partner:
profits of the firm.
-Arrange for a partnership
agreement;
-Each partner is liable for an
equal part of the total debt of the
partnership.
Each partner:
profits of the partnership.
One owner
personnel
with
or
without
Firm (VOF)
More than one owner (firm
members), with or without
personnel
Man/woman firm
Ownership by a couple, with or
without personnel
Partnership
More than one person exercising
a free trade (partners).
For example:
A group of lawyers, doctors.
Firm:
-Turnover tax on sales;
personnel.
Firm:
personnel.
Partnership:
personnel.
20
Legal form
Legal characteristics
Taxes
Limited Partnership
-Arrange for a partnership
agreement;
-Each managing partner is liable
for the total debt of the limited
partnership;
-Silent partners only run the risk
of losing their investment.
Every managing partner:
profits of the partnership.
More than one
partners),
with
personnel.
owner (the
or
without
The silent partners just invest
money into the partnership.
Every silent partner:
-Income tax on his return on
investment.
Limited partnership:
personnel.
Private corporation and Public
corporation
One or more
donate capital
shareholders
Foundation or Association
-Establishment
through
an
authenticated certificate by a
notary;
-Legal person;
-The corporation is liable for the
debt of the company (the
director and/or owner can be
held
liable
in
case
of
mismanagement).
Private of public corporation:
-Profits tax;
director and personnel.
-Legal person;
-Foundation or association is
liable for the debt of the
organization.
-Profits tax in case the
foundation or association is
running a business;
director and personnel.
21
Chapter 3
Kamer van Koophandel (Chamber of Commerce)
3.1
3.2
3.3
Legal forms
3.4
3.4.1 Sole proprietorship and Firm
3.4.2 Close and Public Corporation
22
Chapter 3
Kamer van Koophandel (Chamber of Commerce)
The Kamer van Koophandel Curaçao (Chamber of Commerce) is a public organization. The main
objective of the Kamer van Koophandel (Chamber of Commerce) is the promotion of the general
interests of the entrepreneur community of Curaçao. The core business of the Kamer van Koophandel
(Chamber of Commerce) is:
•
The promotion of the interests of the business community of Curaçao
The Kamer van Koophandel (Chamber of Commerce) gives advice to government authorities and
others with respect to items of importance to the business community of Curaçao. The Kamer van
Koophandel (Chamber of Commerce) therefore closely watches and studies government activities
which may have an impact on the business community (also by the use of a macroeconomic model). As
a result, the government can be advised on the basis of facts and studies.
•
The execution of laws and regulations
The Kamer van Koophandel (Chamber of Commerce) completes the tasks which are dedicated to her
by law. This includes managing the Handelsregister (Trade Register) and Stichtingenregister
(Foundations Register) and providing recommendations with respect to establishment requests, within
the framework of the Vestigingsregeling voor Bedrijven (Establishment Act for Companies).
•
To render services and answer questions
The Kamer van Koophandel (Chamber of Commerce) supplies information and gives (individual)
recommendations to (candidate) entrepreneurs and to groups of entrepreneurs. The Kamer van
Koophandel (Chamber of Commerce) issues authentic documents and declarations, organizes (exportoriented) activities relevant to entrepreneurs, such as trade missions to and from Curaçao, trade
conventions and cooperates and organizes common appearances with foreign institutions, to facilitate
business, entrepreneurship and the general interests of entrepreneurs.
3.1
In the Handelsregister (Trade Register) and Stichtingenregister (Foundations Register) the most
important data concerning enterprises and foundations are kept and updated. The Handelsregister
(Trade Register) and Stichtingenregister (Foundations Register) have a dual purpose. On the one hand
information is collected on businesses which establish themselves on Curaçao; on the other hand this
information is supplied to entrepreneurs and to a broad public to satisfy their information needs.
The Handelsregister (Trade Register) and Stichtingenregister (Foundations Register) serve as an
important source of information for and concerning businesses on Curaçao. The information in the
Handelsregister (Trade Register) and Stichtingenregister (Foundations Register) include, in general, the
following data:
•
the statutory name and/or trade name of the registered company or foundation;
•
a short description of the objective, activities and work areas of the registered company or
foundation;
•
the legal form of the company or foundation;
•
the name of the director of the company or foundation;
•
some data with respect to the capital of the company or foundation;
•
who is authorized to represent the company.
23
The data which the are collected for the Handelsregister (Trade Register) and Stichtingenregister
(Foundations Register) are public data and may be studied free of charge at the premises of the Kamer
van Koophandel (Chamber of Commerce). The Kamer van Koophandel (Chamber of Commerce)
charges an annual registration fee to companies and foundations.
3.2
The department of Investeringsbevordering en Zakelijke Activiteiten (IZA) (investment promotion and
business activities) is in charge of providing trade information and services to entrepreneurs, investors
and others. The department is the first contact point for (starting) local and foreign entrepreneurs and
others who are interested in doing business on, doing business with or doing business via Curaçao. On
a daily bases, the department receives a significant number of information requests by telephone, via email, in writing or in person. Furthermore, the department is responsible for several projects such as the
composition of information products, the organization of an extensive workshop program and the
hosting of trade missions and conferences. The department also performs a large number of ongoing
activities such as intakes, the initial counseling of medium and small entrepreneurs and the publication
of the newspaper “Empresa Chikí”.
3.3
Legal forms
Roughly there are two different ways to set up a business: without legal personality (a sole
proprietorship, a partnership, a firm (VOF), a limited partnership (CV)) or with legal personality (the
close corporation (BV), the public corporation (NV), the foundation, the association, the cooperative
association and the mutual guarantee company (OWM)).
In a company without legal personality, the entrepreneur is privately liable. There is no distinction
between the assets of the company and the private assets of the entrepreneur. (This is different for the
firm and the limited partnership with more than one managing partner).
24
When a legal person is established, a new subject by law is created. A legal person is, just like a
physical person, an independent bearer of rights and duties. This implies that, when an entrepreneur
conducts his business by means of a legal person, in essence only that legal person can be held
responsible for the debts arising from the business activities. It therefore limits the risk that one is held
liable in private.
3.4
Upon starting a business, one has to register this business with the Kamer van Koophandel (Chamber
of Commerce). Registration involves a number of conditions and procedures. We will provide a short
description of the registration procedures for the most used legal forms. For that matter, a separate
registration form is available for each legal form.
3.4.1
Sole proprietorship and Firm (VOF)
When registering a sole proprietorship or firm (VOF), one must provide the following information (data):
•
an ID (sedula, driver’s license, passport); the complete and correct name of the company;
•
the complete and correct address of the company;
•
the capital invested in the company.
Besides a (one time only) membership fee, annual contribution must be paid to the Kamer van
Koophandel (Chamber of Commerce). The amount of contribution depends on the amount of invested
capital.
Sometimes you will need an extract from the register of the Kamer van Koophandel (Chamber of
Commerce). This is available at the Kamer van Koophandel (Chamber of Commerce) for a fee. The
extract lists the following data:
•
the name of the company;
•
the date of establishment of the company;
•
the (establishment) address of the company;
•
the name or names of the owner or owners of the company;
•
the registration number of the company with the Kamer van Koophandel (Chamber of
Commerce);
•
a description of the activities of the company.
3.4.2
Close and Public Corporations
One of the most used legal forms on Curaçao is the public corporation (NV). The public corporation is a
company with legal personality with one or more registered or bearer shares. A close corporation (BV)
is a legal person with one or more registered shares. The statutes of a close corporation can stipulate
that the company is shareholder-controlled.
A shareholder-controlled close corporation has no separate board of directors, but the shareholders do
serve as the directors of the company.
Establishment of both the public corporation and close corporation is done by physical persons and/or
legal persons through an authenticated certificate. These natural or legal persons do not have to be
residents of the Netherlands Antilles. The person who performs activities on behalf of a legal person in
formation is severally liable. Up to a year after ratification by the legal person this person may be held
liable. The same establishment conditions apply to the public corporation and close corporation.
The establishment of a public or close corporation comes with various types of costs. The cost of seals,
the cost of registration with the Kamer van Koophandel (Chamber of Commerce), the cost of an extract
of this registration with the Kamer van Koophandel (Chamber of Commerce), the cost of the publication
25
of the establishment in the Official Gazette, the cost of the authenticated certificate and the turnover
tax. Besides a (one time only) membership fee and an amount in annual contribution must be paid to
the Kamer van Koophandel (Chamber of Commerce). The amount of contribution depends on the
amount of invested capital.
With the exception of the shareholder-controlled companies, every legal person has a board of
directors. Except for restrictions by law and/or statutes, every director is entitled to represent the legal
person. A director is severally liable for damages arising from improperly performing his or her tasks.
The board of directors must issue annual financial statements within eight months after the financial
year-end of the company. The financial statements must comprise of a balance sheet and a profit and
loss account with notes to the financial statements. All directors and supervisory board members must
sign the annual accounts of the company. In addition to this, the annual accounts must be approved by
the general meeting of shareholders.
For the registration of a public company a different procedure applies. Registration is taken care of by
the notary. The notary draws up a deed of incorporation and sends a copy to the Kamer van
Koophandel (Chamber of Commerce). In theory the entrepreneur does not have to do anything. Of
course, the notary charges for his services.
Furthermore, the following information (data) must be supplied:
•
an ID of the director (s) (sedula, driver’s license, passport);
•
the complete and correct name of the public corporation;
•
the complete and correct address of the public corporation;
•
the capital invested in the public corporation.
As is the case with the sole proprietorship, one must pay a (one time only) membership fee and an
amount in annual contribution to the Kamer van Koophandel (Chamber of Commerce). Again, the
amount of annual contribution is dependant on the amount of invested capital.
26
If you ask for an extract from the Handelsregister (Trade Register) of the Kamer van Koophandel
(Chamber of Commerce), it contains the following information:
•
the name of the public corporation;
•
the date of establishment of the public corporation;
•
the (establishment) address of the public corporation;
•
the name of the director(s) of the public corporation;
•
the registration number of the public corporation with the Kamer van Koophandel (Chamber of
Commerce);
•
a description of the activities of the public corporation.
27
Chapter 4
Taxes
4.1
4.2
Turnover tax
4.2.1 The delivery of goods
4.2.2 The rendering of services
4.2.3 Exemptions
4.2.4 The import of goods
4.2.5 Administration
4.2.6 Invoices
4.2.8 Declaration and payment of turnover tax
4.2.9 To complete the tax return
4.2.11 Regulation for small entrepreneurs (RKO-regeling)
4.3
Profits tax
4.3.1 What is profits tax?
4.3.2 Who has to pay profits tax?
4.3.3 When do you have to pay profits tax?
4.3.4 Differences between the commercial annual accounts and the annual accounts
for tax purposes
4.3.5 Calculation of profit
4.3.6 Replacement reserve
4.3.7 Fiscal compensation of losses
4.3.9 Tax holiday and Economic Zone
4.3.10 Questionnaire
4.4
Income tax
4.4.1 Income tax
4.4.2 Who has to pay income tax?
4.4.3 When do you have to pay income tax?
4.4.4 Withholding of income tax:
liability of the employer
28
4.5
Payroll tax
4.5.1 Personnel and taxes
4.5.2 Forms
4.5.3 Declaration and payment
4.5.4 The term wages
4.5.5 Expense allowances
4.5.6 Fixed expense allowances
4.5.7 The ultimate responsibility for the payment of payroll tax and social
insurance premiums (ketenaansprakelijkheid)
4.6
4.6.1 Orderly administration
4.6.2 Cash records
4.6.3 Tips
4.7
Costs and taxes
4.7.1 Costs
4.7.2 Deductible and non-deductible costs
4.7.3 Real estate
4.8
4.8.1 What are purchases?
4.8.2 What are investments?
4.8.3 What are operating assets?
4.8.4 Depreciation and accelerated depreciation on operating assets
4.8.5 Investment allowance
4.8.6 Capital disposal charge
4.9
4.9.1 A company car or a private car?
4.9.2 The employee drives a company car
4.10
4.10.1 Objection
4.10.2 Appeal
4.11
29
Chapter 4
Taxes
4.1
After registration with the Kamer van Koophandel (Chamber of Commerce) you must register your
company with the Inspectie der Belastingen (Internal Revenue Service) and request a CRIB number.
CRIB stands for Curaçao Recording Information Belastingen. Every tax payer on Curaçao has a CRIB
number. In addition to this, every entrepreneur receives a CRIB number. You need certain documents
to be able to register with the Inspectie der Belastingen (Internal Revenue Service). These documents
differ per legal form. You always need an ID.
The documents which must be shown are listed in the following schedule:
Legal form:
Close corporation (BV)
Documents:
-Deed of establishment;
-Information with respect to the objectives and the
address of the company;
-Information with respect to the representatives
and/or directors of the company.
Sole proprietorship
-Prove of registration with the Kamer van Koophandel
(Chamber of Commerce).
Partnership
-Partnership agreement.
Public corporation (NV),
Foundation, Association
-Deed of establishment;
Firm
When registering your company, you have to complete a CRIB form. This CRIB form contains, amongst
other things, the following items:
•
your ID number;
•
the registration number of the company with the Kamer van Koophandel (Chamber of
Commerce);
•
the registration number of the company with the Sociale Verzekeringsbank (SVB);
•
the registration number of the company with the Dienst voor Arbeidszaken (Labor Services).
On this form under “CRIB 2” you will have to provide, amongst other things, the following information:
•
the legal form of the company;
•
whether it is an onshore or offshore company;
•
the activities of the company;
•
several company data;
•
information on personnel:
•
the number of employees;
•
the date the first employee was hired;
30
•
total gross wages.
When completing this form you must take into account that:
•
the starting date of the company can be different from the date of establishment;
•
in the case of a sole proprietorship without employees you do not have to complete the item on
personnel.
This CRIB form must be completed whenever something changes in the company and must be
submitted to the Inspectie der Belastingen (Internal Revenue Service).
Once you have registered your company with the Inspectie der Belastingen (Internal Revenue Service)
you receive:
•
a CRIB number;
•
declaration forms for payroll tax and turnover tax;
•
a new CRIB form;
•
an invitation for a meeting with a tax inspector who will explain to you several important tax
related matters.
You will receive all of the above within one week after registering your company with the Inspectie der
Belastingen (Internal Revenue Service). In case you are in an urgent need of your CRIB number, you
can request to obtain this number the next working day after registration at the Inspectie der
Belastingen (Internal Revenue Service).
31
4.2
Turnover tax
You must charge your customers turnover tax if you sell goods, render services and/or import goods.
The customers pay turnover tax to the entrepreneur and the entrepreneur declares and pays the
turnover tax at the Ontvanger der Belastingen (Tax Collector’s Office). Turnover tax is imposed on the
value of the goods you sell and/or the value of the services you render. The turnover tax rate currently
amounts to 5%. A different turnover tax percentage applies to insurance products.
4.2.1
The delivery of goods
The following actions are considered to be delivery of goods:
•
the transfer of goods as a result of an agreement (for example a purchase and
•
sale agreement). It concerns both written and oral agreements;
•
installation and assembly activities;
•
the obtaining of goods from your own company for private use;
•
the use of goods from your own company in the company (for example the use of computers
manufactured by your own company in your own company).
The place of delivery is where the entrepreneur resides or is located or where he has a permanent
establishment from which the deliveries take place. Whenever you reside or are located in the levy area
(Curaçao and Bonaire), the delivery must be charged with turnover tax. Are you residing or located
outside this levy area, then the deliveries are not taxable for turnover tax purposes. An exception to this
rule is the delivery of real estate. If the real estate is situated on Curaçao or Bonaire, the place of
delivery is always Curaçao or Bonaire, even though that is not the residence or location of your
company.
4.2.2
The rendering of services
Whenever an entrepreneur performs activities which do not qualify as deliveries, those activities are
considered services. Examples of services are:
•
performing hairdresser activities;
•
rendering bookkeeping services;
•
leasing real estate;
•
closing insurance contracts;
•
painting houses;
•
repairing cars.
As is the case with the delivery of goods, the place where a service is rendered is the place where the
entrepreneur resides or is located or where he has a permanent establishment from which the services
are rendered. An entrepreneur with an establishment within the levy area (Curaçao or Bonaire) is
always liable for turnover tax on the services rendered.
32
Exceptions to this rule:
•
certain services which are rendered to customers abroad are – under circumstances - not
taxable for turnover tax purposes. For further explanation you may contact the afdeling
Omzetbelasting (Department of Turnover Tax) with the Inspectie der Belastingen (Internal
Revenue Service).
•
whenever you are an entrepreneur on Curaçao or Bonaire using the services of foreign
entrepreneurs, in certain cases the turnover tax may be charged to you.
•
services with respect to real estate do take place on site. For instance, the tiling of a house.
•
whenever movable property is rented (for example furniture) the place of the service is the
place of the movable property. For example: renting cars to the public takes place where those
cars are used.
4.2.3
Exemptions
In general, turnover tax is applicable on all activities of entrepreneurs. Some listed activities are
exempted from turnover tax. This means that no turnover tax has to be charged and paid. To clarify:
not the entrepreneur, but certain listed activities performed by the entrepreneur are exempted. If
you deliver exempted goods or render exempted services, you are not allowed to charge turnover tax to
your customers. If you, however, nevertheless do charge turnover tax to your customers, you have to
transfer the money to the Ontvanger der Belastingen (Tax Collector’s Office).
The following activities are exempted from turnover tax:
•
public transportation and school bus services;
•
the delivery of fuel and services to planes and ships;
•
export of goods;
•
the delivery of bread;
•
the delivery of goods and the rendering of services to oil refineries;
•
the delivery to customers on a different island (for example the delivery from Curaçao to
Bonaire or vice versa);
•
the rendering of services to companies in an Economic zone.
Whenever you think that you are entitled to an exemption, you may contact the afdeling Omzetbelasting
(Department of Turnover Tax). You are strongly advised to do so, because in some instances detailed
conditions may apply.
4.2.4
The import of goods
Whenever you import goods you have to pay turnover tax. You have to declare and pay the amount of
turnover tax at Customs (Douane). For further information on the import of goods, please refer to
Chapter 10 on Customs. Of course you may also contact Customs.
33
4.2.5
Administration
Each entrepreneur must keep the books of his business. For general information on keeping the books
of a company, please refer to paragraph 6 of Chapter 4 Administration and taxes.
Turnover tax comes with a number of extra conditions with respect to the administration. These extra
conditions are:
•
the turnover tax must be paid on a monthly basis and it must be easy to retrieve the information
on turnover tax from the records of the company;
•
the administration must be kept on a regular basis, preferably monthly;
•
the administration must be auditable.
Particular requirements for administering turnover tax are:
•
the recording of:
sales invoices;
incoming invoices (purchases and costs);
all expenses, even the ones without an invoice;
all receipts, even the ones for which no invoice was written;
•
the recording of all goods for private use;
•
the storage of all aforementioned documents. Furthermore, you have to keep/store your
administration for a minimum of 10 years. This does not only apply to the books itself, but also
to the following data:
•
sales invoices;
•
incoming invoices (purchases, costs and investments);
•
bank statements;
•
the calculations (on paper) of the amount of turnover tax payable;
•
menu cards, etc.
Attention!
It is likely that other tax types demand different or additional requirements to your administration. You
can find information on this in the chapters concerning these other taxes. You may also contact your
accountant or Stichting Belastingaccountantsbureau.
4.2.6 Invoices
For all services rendered and for all goods delivered, you must write an invoice. The original invoice
should be given to the customer. You must keep a copy of the invoice for your books. The invoices
must have consecutive numbers and must be dated. Furthermore, the following data must be present
on each invoice:
•
the day of delivery of the goods or the rendering of the services;
•
name and address of the entrepreneur delivering the goods or rendering the services;
•
a clear description of the performance;
•
the quantity of goods sold;
•
the amount for which these goods were sold or for which the services were rendered;
•
the amount of turnover tax payable.
Turnover tax becomes payable the moment you give the invoice to your customer, which is at the time
of delivery of the goods or the rendering of the services or at a time shortly after (see example).
Turnover tax does not become payable the moment you receive the money from your customer.
Example 1
* sale of goods: 26 May 2009
* invoice is distributed at the time of sale/transfer of goods: 26 May 2009
34
* the customer pays: 17 July 2009
* the turnover tax is payable in the month of May 2009.
Example 2
* sale of goods: 26 May 2009
* invoice is distributed: 15 June 2009
* the customer pays: 17 July 2009
* the turnover tax is payable in the month of June 2009.
4.2.8
Declaration and payment of turnover tax
Each month, the turnover tax must be paid at the Landsontvanger (Country Collector). You must pay
th
the turnover tax based on the amount of turnover of the previous month by the 15 day of the next
month, at the latest.
th
Turnover tax must be declared monthly by the 15 day of the month, even if there was not any turnover
in the previous month. The declaration form must be submitted to the Inspectie der Belastingen
(Internal Revenue Service), to the Ontvanger der Belastingen (Tax Collector’s Office) or to the Giro
Bank. If you pay the amount of turnover tax due at a different bank, the declaration form must be
separately submitted to the Inspectie der Belastingen (Internal Revenue Service). Please be aware of
the delay whenever you pay the amount of turnover tax due at the Giro Bank or any of the other banks.
The date the bank account of the Ontvanger der Belastingen (Tax Collector’s Office) is credited is
considered to be the payment date for turnover tax purposes.
Remark
Every year the Inspectie der Belastingen (Internal Revenue Service) prepares a schedule with the exact
th
payment dates for payroll tax and social premiums, since it is possible that the 15 day of a month
happens to be on a weekend. In this case, payments are due the next working day. You may also use
this schedule for the declaration and payment of turnover tax, since the due dates for the turnover tax
are the same as the due dates for payroll tax.
35
Example
Ema N.V wishes to submit the monthly declaration and payment of turnover tax for the month of
February 2009. This declaration and payment must arrive at the Inspectie der Belastingen (Internal
Revenue Service) on the 15th working day of the next month, at the latest. In this particular example,
the declaration and payment must arrive at the Inspectie der Belastingen (Internal Revenue Service)
and the Ontvanger der Belastingen (Tax Collector’s Office) on 15 March 2009. 15 March 2009,
however, is a Sunday and the tax offices are closed that day. Ema N.V must therefore submit the
declaration and payment of turnover tax for the month of February 2009 the next working day, which is
Monday 16 March 2009.
The declaration forms for turnover tax are mailed to you at the end of the previous year. If you do not
receive declaration forms, you are obliged to get in touch with the afdeling Omzetbelasting (Department
of Turnover Tax) of the Inspectie der Belastingen (Internal Revenue Service). The declaration forms are
necessary to comply with your declaration duty.
4.2.9
To complete the tax return
You must fill in the realized turnover and the amount of turnover tax due on the tax return. Also, the
exempted performances must be listed. Finally, you must sign your tax return. Instructions on
completing the tax return are listed in the notes to the turnover tax. You will receive these notes
together with the declaration forms. If you do not receive these notes, you will have to get in touch with
the afdeling Omzetbelasting (Department of Turnover Tax) of the Inspectie der Belastingen (Internal
Revenue Service).
The tax inspector is allowed to impose a reassessment of taxes in case too little turnover tax is paid in
or too much turnover tax has been paid out. A reassessment of taxes is also imposed when no
declaration form is submitted. In this case, the amount of turnover tax due is estimated by the Inspectie
der Belastingen (Internal Revenue Service). Whenever a reassessment of taxes is imposed, one
generally also receives a fine. For further information on the different fines we refer you to the
paragraph on Administrative fines in this chapter on Taxes or you may get in touch with the Inspectie
der Belastingen (Internal Revenue Service).
4.2.11 Regulation for small entrepreneurs (RKO regulation)
The regulation for small entrepreneurs (RKO regulation) is a special regulation for small entrepreneurs.
Whenever you have a sole proprietorship, live or have established yourself on Curaçao or Bonaire and
your turnover does not exceed Naf 30,000.-, you qualify for exemption of turnover tax. Important is the
amount of realized turnover (excluding turnover tax) of the preceding calendar year. Another important
condition to qualify for the RKO regulation is that you must keep a proper administration.
36
Procedure
The idea of the exemption is that you do charge turnover tax to your customers, but that you do not
have to pay these taxes to the Ontvanger der Belastingen (Tax Collector’s Office). To be able to use
this exemption, you must appeal in writing to the appropriate tax inspector. At the afdeling
Omzetbelasting (Department of Turnover Tax) they can provide you with a standard form to request this
exemption.
The tax inspector will provide you with his decision (decree). In this decree he will tell you whether you
qualify for the exemption or not. Whenever you do qualify for the exemption, you only have to declare
th
turnover tax once a year (yearly declaration). You must submit this yearly declaration on the 15 of
February of the following year, at the latest.
The exemption exists until the amount of turnover of Naf 30,000.- is exceeded. If your turnover exceeds
the amount of Naf 30,000.-, you must put in a new request. If you can prove that exceeding the amount
of Naf 30,000.- is incidental (in that particular year), you will not lose the exemption and you do not
have to put in a new request.
Example
In the year 2007 the entrepreneur appeals for exemption of turnover tax. Turnover in 2006 was nil. In
practice, the current turnover is assessed. For this entrepreneur it appears that turnover is likely not to
exceed Naf 30,000.-. The starting date of the exemption is the date of the decree.
In 2007 turnover amounts to Naf 26,000.- (excluding turnover tax). The entrepreneur is entitled to RKO
in 2008. In case he received the decree in 2007, he does not need to put in a new request.
In 2008 turnover amounts to Naf 31,000.- (excluding turnover tax). The entrepreneur is therefore not
entitled to RKO anymore as of 1 January 2009, unless the entrepreneur can prove that the amount of
turnover of Naf 31,000.- in 2008 was incidental.
Starting entrepreneurs may also qualify for RKO. The starting entrepreneur must convince the tax
inspector of the fact that the turnover of his company will not exceed Naf 30,000.-.
Social or cultural organizations
The exemption may also be requested by social or cultural organizations, in spite of the fact that in
many cases these organizations are not natural persons (for instance associations and foundations).
The procedure that must be followed is equal to the procedure described above for the sole
proprietorship.
Example
Foundation Pluto takes care of stray dogs. These stray dogs do get food, are examined for diseases
and receive shelter. The activities of Foundation Pluto do not qualify as business activities. To collect
money for these stray dogs Foundation Pluto organizes several times a year a day to sell homemade
cookies. Selling these cookies can be seen as a business activity, since this activity of Foundation Pluto
can be competitive.
If the total turnover of Foundation Pluto, however, does not exceed Naf 30,000.-, the foundation
qualifies for the exemption on turnover tax. The turnover of Foundation Pluto includes not only the
income on the cookies, but also the income from sponsors.
Turnover exceeding Naf 30,000.In an earlier example you could have read that in the case turnover in the previous year exceeds Naf
30,000.- (excluding turnover tax), the exemption for the new calendar year expires. As from January on,
you must then declare and pay turnover tax on a monthly basis. In the year the realized turnover
exceeds the amount of Naf 30,000.- for the first time, the amount of turnover above Naf 30,000.- must
37
be filled in on the yearly declaration form as a taxable performance and turnover tax must be paid on
this amount (the amount exceeding Naf 30,000.- that is). When determining the total amount of turnover
for the year, the amount of exempted turnover must be included. In the next year, turnover tax must be
paid on the total amount of turnover.
Example
Entrepreneur Bonafasia has a decree for the year 2008. His turnover for the year 2008 amounts
however to Naf 34,000.-. This means that he exceeds the turnover that qualifies for the regulation with
Naf 4,000.-. He therefore must pay turnover tax on the amount of Naf 4,000.-. At the end of the year
2008, on the yearly tax declaration form, he fills in the amount of Naf 4,000.- as a charged performance
and the amount of Naf 30,000.- as the amount of turnover per the regulation for small entrepreneurs.
38
4.3
Profits tax
Whenever you run a business in one of the following legal forms: Public Corporation, Close
Corporation, foundation or association, you must pay profits tax on the profits of your business. This
chapter gives a description of all aspects of profits tax.
4.3.1
What is profits tax?
The tax inspector charges a profits tax to all profitable legal persons. The basis for the profits tax is the
taxable profit after deduction of all allocable costs, depreciation, investment allowances, grants and
fiscal compensation of losses. The tax rate is currently determined at 34.5% including insular surtaxes.
A public or close corporation or any other legal person running a business must pay profits tax on its
total profits during the existence of the company. Profits tax is levied on a yearly basis. For this reason,
the amount of annual profit for tax purposes must be calculated. When determining the amount of profit
for tax purposes, profits and losses must be allocated as much as possible to the year to which they
relate. However, one is allowed to be careful: profit only has to be shown when the amount is realized
and losses may be allocated to the year in which they appear at the surface (although they might not be
realized until a later year).
4.3.2
Who has to pay profits tax?
Profits tax is intended for local and foreign taxpayers. Local taxpayers are all legal persons who
exercise a business and who are established in the Netherlands Antilles. Foreign taxpayers are all
businesses which are not established in the Netherlands Antilles, but do enjoy income from the
Netherlands Antilles, for example income from renting real estate on the Netherlands Antilles.
Taxpayer
Each physical or legal person who is obliged to pay taxes on the basis of a tax regulation is considered
to be a taxpayer.
To determine whether you are obliged to pay profits tax, we provide you with a list, after which we will
give a description of the most common legal persons.
Legal persons:
•
Public corporation (NV)
•
Close corporation (BV)
•
Netherlands Antillean close corporation
•
Cooperative association
•
Mutual guarantee company
•
Foundation (as far as the foundation runs a business and does not exclusively look after a
public social interest)
•
Association with legal personality, provided that the association runs a business.
As you can see, profits tax is applicable to many different types of legal forms. We will, however, restrict
ourselves to the legal form which is most common for (starting) entrepreneurs: the close corporation
(BV), which we will refer to as “the company” in the next paragraphs.
4.3.3
When do you have to pay profits tax?
Provisional tax return
At the latest on 31 March you must submit a provisional profits tax return for the previous fiscal year.
You must calculate the amount of profits tax due and submit the provisional profits tax return to the
Inspectie der Belastingen (Internal Revenue Service). You do not yet have to include the annual
39
accounts of the company. You have to pay the amount of profits tax due at the office of the
Eilandontvanger (Island Collector). The amount you pay on your provisional profits tax return must be at
least the same as the amount that was paid on your last (final) profits tax return
In case the company wishes to pay a lower amount, a request in which you explain the grounds for the
lower amount must be submitted to the tax inspector prior to 31 March. Within 15 days after the receipt
of such request, the tax inspector decides on the request. In case the tax inspector does not reply in
time, the request is automatically accepted.
Attention!
Postponement of submitting the provisional profits tax return is not possible.
Final profits tax return
The company must file its final profits tax return with the Inspectie der Belastingen (Internal Revenue
Service) on 30 June of the year following the fiscal year of the company, at the latest. The amount due
must be paid at the office of the Eilandontvanger (Island Collector). The company can put in a request
for postponing the submission of the final profits tax return. Within 15 days after the receipt of such
request, the tax inspector decides on the request. The tax inspector may grant postponement for a
maximum of six months. In case the tax inspector does not reply in time, the period is automatically
extended with 3 months.
In case too little profits tax was paid on the provisional profits tax return, the difference must be paid the
moment the final profits tax return is filed. In case too much profits tax was paid on the provisional
profits tax return, the tax inspector will impose a tax assessment within a six month period after the
submission of the final profits tax return.
The following documents must be filed along with the profits tax return:
•
the annual accounts of the company both for commercial purposes and tax purposes and the
notes to these annual accounts;
•
if applicable, a reconciliation between the commercial annual accounts and the annual
accounts for tax purposes.
Attention!
No objection and appeal is possible against a decree of the Inspectie der Belastingen (Internal
Revenue Service) (see paragraph 10 Objection and Appeal)
The tax form
The tax form consists of a number of questions which must be answered truthfully. In addition to this,
you must supply the tax authorities with information on, amongst other things, non-deductible costs and
interests, investment allowances, replacement reserves, compensation of losses, subsidiary’s
exemption, fiscal unity, merger of businesses and deduction of grants. The tax form indicates how
much profits tax must be paid.
4.3.4
Differences between the commercial annual accounts and the annual accounts
for tax purposes
Together with the profits tax return the following documents must be filed:
The commercial annual accounts. The commercial accounts of the company are based on generally
accepted accounting principles in accordance with the legal provisions as stipulated in the Wetboek van
Koophandel (Commercial Code) or in accordance with other legal provisions or related case law.
The annual accounts for tax purposes. The annual accounts for tax purposes are based on fiscal
accounting principles in accordance with the legal provisions as stipulated in the Landsverordening
40
Winstbelasting 1940 (Country Regulation on Profits Tax 1940) and related case law. The rules of the
Landsverordening Winstbelasting 1940 (Country Regulation on Profits Tax 1940) may cause the profits
calculation for tax purposes to be different from the commercial profits calculation.
Most small companies on the Netherlands Antilles only prepare one set of annual accounts, meeting
the tax requirements. In every day practice, the larger companies use the commercial annual accounts
as a basis to which they apply all the necessary changes for tax purposes. Doing so provides for two
sets of annual accounts in the end.
The calculation of the amount of taxable profit must fulfill the requirements of reliability and sound basis.
In every day practice, the amount of taxable profit is calculated based on an annual profit and loss
account, but also other methods may be used, such as the capital comparison method as is prescribed
in the profits tax return.
As a result of differences in valuation standards and standards on the determination of profits,
differences arise in the amount earned by the company, as well as in the amount of equity of the
company. Because the annual accounts are in most instances prepared for a different public, each
company shall choose its own standards for the annual accounts. There is no objection to this.
Commercial annual accounts may be used to obtain a loan from a bank. In this case, presentation of a
high profit is recommended. When calculating the taxable profit of the company the opposite is,
however, important.
To facilitate this, it is possible that the commercial annual accounts and the annual accounts for tax
purposes are based on many different valuation standards and standards on the determination of
profits.
Differences between the amount of taxable profit and the commercial profit can be caused by:
•
temporary differences;
•
definite differences.
Temporary differences
Temporary differences exist when the amount of taxable profit for the year deviates from the amount of
commercial profit, while the sum of the taxable profits during the lifetime of the company equals the
sum of the commercial profits. The difference between the amount of taxable profit for the year and the
amount of commercial profit is temporarily and neutralized by a difference to the contrary at a later
moment in time. Whenever at the start of the business the amount of taxable profit for the year is lower
than the amount of commercial profit, there is a postponement in the payment of profits tax. Whenever
at the start of the business the amount of taxable profit for the year is higher than the amount of
commercial profit, there is a prepayment of profits tax.
Things causing temporary differences are:
•
the depreciation method for tax purposes differs from the depreciation method for commercial
purposes or for tax purposes a different residual value is used (for example: accelerated
depreciation for tax purposes is permitted);
•
the method used to value inventory for tax purposes is different from the method used to value
inventory for commercial purposes;
•
the commercial annual accounts show a certain type of provision which is not allowed for tax
purposes;
•
the annual accounts for tax purposes show a reserve which is not permitted on the commercial
accounts (for example: the current cost reserve (replacement reserve)).
Definite differences
Definite differences exist when the amount of taxable profit for the year deviates from the amount of
commercial profit, while also the sum of the taxable profits during the lifetime of the company differs
from the sum of the commercial profits. In the case of definite differences, the tax authorities de facto
waive their right to levy taxes or definitely levy more profits tax. Things causing definite differences are:
41
•
•
•
•
•
•
4.3.5
profits which are non-taxable or taxed at a lower rate, because of the tax holiday or
establishment of the company in the E-zone;
investment allowances or capital disposal charges;
Belasting op Bedrijfsomzetten (BBO) (Tax on Company Turnover) is commercially deductible.
For tax purposes 10% of the amount of paid BBO is not deductible;
costs and interests which are commercially deductible, but non-deductible for tax purposes or
only for 80% tax deductible;
grants are partially non-deductible;
paid profits tax is commercially deductible, but non-deductible for tax purposes.
Calculation of profit
There are two ways to calculate your profit. You can calculate your profit by means of a detailed profit
calculation or by means of a capital comparison.
A simple profit calculation can be as follows:
Turnover
Naf 510,000
Cost of goods sold
320,000
--------------Gross profit
Naf 190,000
Costs
30,000
Depreciation
20,000
--------------Net profit
Naf 140,000
A detailed profit calculation does give a good picture of a company. A detailed profit calculation also
provides the best information to the tax authorities.
The profit calculation by means of capital comparison is simple. The net worth of the company at the
beginning of the year is compared to the net worth of the company at the end of the year. If the net
worth increases, one has made a profit. If the net worth decreases, one has made a loss.
Example
On 1 January 2008 you have Naf 1,000.- petty cash. On 31 December 2008 you have
Naf 1,100.- petty cash. You therefore made a profit of Naf 100.- in 2008. How and why you made this
profit is not clear from this capital comparison calculation. Only how much profit or loss you made can
be determined this way.
Whenever you experience difficulties in calculating your profit, you can, amongst other things, get in
touch with the organizations mentioned below:
•
Sedeck;
•
one of the many administrative offices.
For contact data: see the chapter on important addresses and telephone numbers.
4.3.6
Replacement reserve
A public or close corporation or any other legal person may, under certain conditions, reserve part of its
profit for a certain goal. On that particular part of the profit, the company does not have to pay profits
tax. A replacement reserve may, for instance, be created if upon the sale of a company asset a profit is
realized. The company is allowed to reserve the profit on the sale of this company asset in a
replacement reserve. There is a profit whenever the sales price of the asset exceeds the book value of
the asset.
42
Reservation is also possible if the company receives compensation or insurance benefits in the case of
theft or destruction of an asset. The company is allowed to create a replacement reserve when it has
the intention to replace the asset. The company may keep the replacement reserve as long as it has
the intention to replace. If the company replaces the asset within four years of the creation of the
replacement reserve, the company is allowed to deduct the amount of the replacement reserve from the
purchase price of the new asset. After four years of non replacement, the company must cancel the
replacement reserve.
Example
A machine with a book value of Naf 6,000.- is sold in the year 2008 for Naf 13,000.-.
In the year 2009 the company replaces this machine with a new machine for an amount of
Naf 17,000.-. The profit of Naf 7,000.- (13,000 minus 6,000) was put in a replacement reserve in the
year 2008. In the year 2009 this replacement reserve is deducted from the purchase price of the new
machine. The book value of the new machine will therefore be Naf 10,000.- (17,000 minus 7,000). The
company must use the amount of Naf 10,000.- as the basis for depreciation of this new machine.
Attention!
The book value of the new machine may not be lower than the book value of the old machine (book
value requirement).
Four year period
If the company does not replace the asset within four years, the replacement reserve must be cancelled
and added to the profits of the company. This four year period can only be extended in the following
instances:
•
if the company needs more time to acquire the necessary replacement;
•
if the replacement is delayed due to exceptional circumstances. The company must, however,
have initiated the replacement within the four year period.
Attention!
The term replacement must be interpreted largely. The requirement of replacement is met as long as
the new company asset has the same function as the old one. Modern machines can therefore be
considered a replacement of old-fashioned ones.
4.3.7
Fiscal compensation of losses
In this paragraph we give a description of limited and unlimited fiscal compensation of losses.
Limited compensation of losses
Whenever the calculation of the taxable profit leads up to a negative amount, it is a loss. If a public or
close corporation suffers a loss in a certain fiscal year, the corporation is allowed to offset this loss with
its taxable profits in the next ten years, the so-called carry forward period. It is not allowed to offset a
loss in a certain year with profits in the past (carry back).
The offset of losses with profits in later years must be in the order in which these losses have arisen
and the profits were enjoyed. You therefore must first offset losses with the oldest year.
Example
Offset of losses of a company which started in 2004:
Year 2004
loss
Naf 10,000
(to compensate up to and including the year 2009)
Year 2005
profit
Naf 6,000
Year 2006
loss
Naf 8,000
(to compensate up to and including the year 2011)
Year 2007
profit
Naf 5,000
43
Year 2008
profit
Naf 1,000
Result:
Year 2004
Taxable profit
Loss 2004 yet to be offset
Year 2005
Profit
Minus: loss from 2004
nil
Naf 10,000
Taxable profit
Naf 6,000
Naf 6,000
-------------nil
Naf 4,000
Year 2006
Taxable profit
nil
Naf 4,000
Naf 8,000
Year 2007
Profit
Taxable profit
Year 2008
Profit
Taxable profit
Naf 5,000
Naf 4,000
Naf 1.000
-------------nil
Naf 7,000
Naf 1,000
Naf 1.000
-------------nil
Naf 6,000
44
Indefinite compensation of losses
The indefinite compensation of losses applies to losses which were made in the first four years after the
start of the company; the so-called initial losses. Indefinite loss compensation is only possible if there is
a tax holiday on the basis of:
•
the Landsverordening belastingfaciliteiten industriële ondernemingen;
•
the Landsverordening bedrijfsvestiging en hotelbouw.
Attention!
The offset of initial losses and ordinary losses in the past with profits in later years must be in the order
in which these losses have arisen and the profits were enjoyed. It is therefore not allowed to first
compensate the ordinary losses, for which compensation is limited, and then compensate the initial
losses, for which compensation is indefinite.
Loss companies
In the past, it was possible to purchase the shares of a public or close corporation, in which no longer
activities were exercised, but which contained losses to be offset. The buyer of the shares of such a
loss company would then start new activities in this corporation and did not have to pay taxes on the
profits until all old losses were offset. The law has been adjusted to limit loss compensation in these
cases.
Loss compensation is not possible when:
•
the activities of the corporation have been ceased for more than 90%. (Temporary
discontinuance of activities is not considered ceasing operations, but can be the start of it); and
•
the shares of the company have transferred owners for more than 30%.
Example
Mr Isenia is the sole shareholder of Kabei NV. This public corporation runs a hairdresser business and
suffers losses. The corporation is dismantled and afterwards Mr Isenia sells the shares of the
corporation to Ms Isabella, who will start a computer business. The computer corporation makes a
profit.
The profit of the computer business cannot be offset with the losses from the period of the hairdresser
business, because 100% of the shares of the corporation were transferred into the hands of Ms Isabella
and 100% of the activities have changed.
4.3.8
A foundation is a legal person without members. A foundation intends to look after a certain public
social interest such as the promotion of the well-being of children or the support of the poor and needy.
The goal of a foundation can not be the distribution of money to its founders or its governing board. The
foundation can, however, distribute money to third parties from an idealistic or social point of view.
An association is a legal person with members. The goal of an association is to promote the interests of
its members, for example a sports association. The goal of an association can also be the promotion of
the interests of non-members, for example an association with social or ideal objective.
Payment of profits tax
The main rule is that a foundation or association does not have to pay profits tax. The exception to this
rule is when a foundation or association runs a business. One of the characteristics of a company is
that it strives to make a profit, the so-called profit motive. This profit motive can be deduced from the
fact that a foundation or association continuously makes a profit. In other words, a foundation or
association is not liable to pay profits tax if it does not strive to make a profit or if making a profit is of
45
minor importance. If a foundation or association runs a business, it is liable to pay profits tax with
respect to the profit from the business. Other non-businesslike activities are not taxable.
The duty to file a tax return
A foundation or association that does not run a business does not have to file a tax return. In case the
Inspectie der Belastingen (Internal Revenue Service) submits a tax return, the governing board must,
however, complete and return this form. If the foundation or association does not receive a tax return, it
does not have to request one. A foundation or association that does run a business must complete and
submit a tax return. In case the Inspectie der Belastingen (Internal Revenue Service) does not submit a
tax return, the governing board must request such form.
Attention!
Together with the tax return, the foundation or association must file the annual accounts or information
on the financial position of the foundation or association. With the first tax return, the foundation or
association must file a copy of the statutes of the foundation or association.
4.3.9
Tax holiday and E-zone
The Minister of Finance can grant a tax holiday if a company broadens the economic basis of the
economy, creates employment or saves currencies by substantial investments. Tax holiday means that,
depending on the size of the investment, a reduction or exemption is granted for profits tax, land tax
and import duties for a period of 11 years. In addition to this, a complete exemption for income tax is
applicable on dividends from a public corporation, to which a tax holiday is granted, if these dividends
were distributed within two years after the fiscal year in which the profit was made. The following
branches qualify for tax holiday:
•
hotels;
•
industries;
•
project developers;
•
large companies; not including restaurants or shops.
Industries which export 90% or more can receive an exemption for a maximum of 15 years. Companies
which enjoy a tax holiday do pay a minimum of 2% profits tax.
A taxpayer can establish himself in the Economic area (E-zone) if he develops the following activities:
•
storage, treatment and transition of goods;
•
rendering of services to foreign countries, with the exception of offshore companies or lawyers,
notaries public, tax consultants and other related service providers.
Companies which are established in the E-zone pay a 2% profits tax. The profit from transactions with
local customers is charged at the normal tax rate. Furthermore, there is an exemption for import duties,
turnover tax and excise duties.
Attention!
Companies which enjoy a tax holiday and are established in the E-zone, are not entitled to investment
allowances and accelerated depreciation.
Investment allowance and depreciation
You can qualify for investment allowances when you purchase company resources. For further
information on this subject you can read chapter 4, paragraph 8 on Investments and Purchases.
4.3.10 Questionnaire
46
This questionnaire will assist you in composing the required information to complete the tax return.
When completing the tax return several sections must be filled in. This requires various types of
information on the company, such as the annual accounts. The annual accounts consist of a balance
sheet and a profit and loss account. You can gather the necessary information to complete the tax
return from these annual accounts. We suggest that you fill in the questionnaire mentioned below. This
questionnaire was designed for the average local public corporation. The questionnaire must be
adapted for other types of companies. The questionnaire will help you in gathering all the right
information for your public corporation before you complete the tax return.
Questionnaire:
•
name, address and CRIB number of the company;
•
name and address of the person who completes the tax return;
•
name and address of the person who does the bookkeeping;
•
what are the activities of the company?;
•
name, address or ID number or CRIB number of the shareholders;
•
value of the shares, by share type;
•
is any of the shareholders indebted to the company or vice versa?
•
how much dividend was distributed to the shareholders?
•
did the company enter into a new pension scheme? Distinguish between the ordinary
employees and the director/sole shareholder. Was an existing pension scheme modified?
•
were there any transactions between the shareholder and the company? Did both parties close
agreements?
•
does the company have a permanent establishment or a permanent representative on any of
the other islands or abroad?
•
does the company utilize random/accelerated depreciation?
•
did the company grant any donations? If so, how much was granted and to whom?
•
does the company utilize investment allowances? If so, for which company resources?
•
is there a capital disposal charge?
•
is any of the directors or supervisory directors indebted to the company or vice versa? If so, for
which amount and at what interest rate?
•
which costs are non-deductible and which costs are only partly deductible?
•
does the company have a replacement reserve? If so, were there any modifications to this
reserve?
•
did the company suffer a loss? If so, in which year and what is the type of loss?
•
which part of the losses has already been offset and which part must still be offset?
•
are there any differences between the amount of turnover on the turnover tax returns and the
amount of turnover on the profits tax return?
47
4.4
Income tax
Each entrepreneur has to deal with various types of taxes. Whenever you run your business in one of
the following legal forms, a sole proprietorship, a firm, a limited partnership, a partnership or a
man/woman firm, you will have to deal with income tax.
In this chapter several aspects of income tax will be discussed which may be of importance for new and
small entrepreneurs.
4.4.1
Income tax
The basis for the income tax is the taxable income. This is total of the profit of the business, income
from employment, income from real estate or movable items and the rights from periodically paid
benefits, less permitted deductions.
The progressive rates for 2009 run from 13.0% (including surtax) of a taxable income of Naf 25,514.-,
up to 49.4% (including surtax) of a taxable income of more than Naf 112,685.-.
4.4.2
Who has to pay income tax?
Every resident of Curaçao must pay income tax on his or her total worldwide income. Also on the
income which was earned abroad. Non-residents are only charged on their income from Curaçao
sources.
4.4.3
When do you have to pay income tax?
In general, income tax must be paid once a year. There is a possibility to pay each month on the basis
of a provisional assessment. This prevents that at the end of the year you have to pay a large amount
at once.
Some time after you submit your income tax return to the tax inspector, you receive a so-called final tax
assessment. If you do not submit your income tax return, the tax inspector will impose a so-called
official estimated assessment. The tax inspector can also impose a fine for a maximum amount of Naf
2,500 with this official estimated assessment.
There is also the possibility that in the current tax year the tax inspector imposes provisional tax
assessments. These assessments must be paid within that particular fiscal year. If a provisional tax
assessment is imposed in the month of August, it must therefore be paid within the next five months.
In case a taxpayer did not file a tax return or included too little income on his or her tax return, the
inspector may impose an additional tax assessment.
Provisional tax assessment
Payment of the amount of the provisional tax assessment occurs in as many equal periods as are left
after the month mentioned on the assessment up to the end of the particular fiscal year.
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Example
You receive a provisional assessment dated March. You are required to pay this assessment in nine
(monthly) terms.
Final tax assessment
Payment of the final tax assessment must be done within two months after the date on the tax form.
Additional tax assessment
Payment of the additional tax assessment must be done within one month after date on the tax form.
You can pay your income tax with the Eilandontvanger (Island Collector), Regentesselaan z/n. The
offices of the Eilandontvanger (Island Collector) are open from Monday through Friday from 07.45 a.m.
till 15.30 p.m. You can also pay via bank.
4.4.4
Withholding of income tax: the obligation of the employer
The income tax due by a person, who entered into employment, must be withheld by the employer. This
is mentioned in het Inhoudingsbesluit (A.B. Curaçao 1992, no. 12) (Withholding Decree). The employer
who does not withhold income tax and does not pay the amount withheld swiftly to the tax authorities
may be held personally liable for the amount of income tax due.
The Ontvanger der Belastingen (Tax Collector’s Office) of the Eilandgebied Curaçao uses the invoice
system for the monthly payment of income tax. Each month, the employer receives an invoice stating
the amounts to be withheld and to be paid. This invoice, or a list created by the employer, is submitted
to the Ontvanger der Belastingen (Tax Collector’s Office) of the Eilandgebied Curaçao and the amount
on the invoice or employer list is paid to the Ontvanger der Belastingen (Tax Collector’s Office). The
introduction of this new system has lead to many questions with respect to the obligation of the
employer.
In this paragraph we will inform you on the policy of the Ontvanger der Belastingen (Tax Collector’s
Office) with respect to the obligation of the employer.
Policy on the obligation of the employer
Article 1:
At the latest on the 10th day of the month the invoice for that particular month is delivered at the offices
of the employer. At the latest on the last working day of the month in which the invoice was received
from the Ontvanger der Belastingen (Tax Collector’s Office), the invoice or a payment list and, if
applicable, a statement of changes, must be submitted to the offices of the Ontvanger der Belastingen
(Tax Collector’s Office) of the Eilandgebied Curaçao and the amount of the (modified) invoice or
(modified) payment list must be paid.
Article 2:
•
In case the employer does not submit the invoice or payment list in time or does not pay in
time, the employer will receive a reminder from the Ontvanger der Belastingen (Tax Collector’s
Office).
•
In case the employer does not respond within a month after this reminder was sent, the
Ontvanger der Belastingen (Tax Collector’s Office) will notify the employer of this default in
writing.
•
In case the employer does not respond within a month after the notification of default was sent,
the Ontvanger der Belastingen (Tax Collector’s Office) will hold the employer liable for
wrongfully not withholding and/or not paying the amount of income tax due.
49
Article 3:
The employer will be held liable through the issuance and serving of a distress warrant. The distress
warrant notifies the employer of the fact that he will be held liable under Article 74a of the
Landsverordening inkomstenbelasting 1943 (Country Regulation on Income Tax 1943).
Article 4:
•
the employer who has been held liable under the above mentioned act can submit a request in
writing to the Ontvanger der Belastingen (Tax Collector’s Office)to be excused of his obligation.
•
in this request to be excused, the employer must make it feasible that he is not to blame for the
fact that the invoice or the payment list and/or the payment itself was not in time.
•
the Ontvanger der Belastingen (Tax Collector’s Office) will decide on this request to be excused
within one month after the receipt of such request. The employer will receive the decision of the
Ontvanger der Belastingen (Tax Collector’s Office) in writing.
•
the Ontvanger der Belastingen (Tax Collector’s Office) will not excuse the employer from his or
her obligation when the employer in the twelve month period preceding the month he or she
wishes to be excused for, has more than once not fulfilled his obligations.
In case an employer is not able to meet the obligations of the Inhoudingsbesluit (Withholding Decree)
due to exceptional circumstances, he or she must, as soon as possible, contact the the Ontvanger der
Belastingen (Tax Collector’s Office). Together with the Ontvanger der Belastingen (Tax Collector’s
Office) a solution may be found. By informing the Ontvanger der Belastingen (Tax Collector’s Office) in
time, one can prevent to be held liable for the income tax due by his or her employees.
For further information you may contact the Ontvanger der Belastingen (Tax Collector’s Office). There
is also a brochure available with respect to this subject, obtainable at the the Ontvanger der
Belastingen (Tax Collector’s Office) of the Eilandgebied Curaçao.
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4.5
Payroll tax
This chapter outlines the rules which are important for you as the person responsible for withholding
payroll tax, premiums AOV/AWW and AVBZ. Furthermore, you will also find other subjects with respect
to payroll tax, which you may run into as an entrepreneur.
4.5.1
Personnel and taxes
Whenever you employ people who perform labor, receive wages and are subordinate, those people are
considered to be your employees. A number of things are important when hiring employees. We will
discuss this hereafter.
Payroll tax/premiums for social insurances and employee insurance schemes
Whenever you pay wages you must also withhold and pay payroll tax, premiums for social insurances
(AOV/AWW and AVBZ) and premiums for employee insurance schemes (ZV and OV). The joint total of
all of this is called gross wages. The amount of gross wages is the amount that employer and employee
agreed upon. The amount that is left after the withholding of payroll tax and premiums is called net
wages. This is the amount you pay your employees.
As an employer you must pay the social insurance premiums withheld to the Inspectie der Belastingen
(Internal Revenue Service) and the employee insurance premiums withheld to the SVB.
For further information on the employee insurances ZV/OV, we would like to refer you to Chapter 6,
paragraph 5 on employee insurances.
Payroll tax and premiums AOV/AWW and AVBZ must be withheld from every employee. It does not
matter whether they are employed indifferently or temporarily. The payroll tax rules are also applicable
for temporary employees, holiday workers and Saturday helpers.
If you hire an employee for the first time, you must mention this to the Inspectie der Belastingen
(Internal Revenue Service). By means of a transaction document the Inspectie der Belastingen (Internal
Revenue Service) records that you hired employees and must withhold and pay payroll tax and social
insurance premiums. Upon this registration the Inspectie der Belastingen (Internal Revenue Service)
will notify you of the administrative obligations which must be satisfied. If you meet these administrative
obligations, you will reduce the risk of mistakes and the chance of subsequent tax assessments.
For further questions concerning the payroll tax and the premiums AOV/AWW and AVBZ you can get in
touch with the Inspectie der Belastingen (Internal Revenue Service).
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A number of exceptions apply to the withholding of payroll tax and premiums AOV/AWW and AVBZ for
temporary and permanent employees. It is possible that an employee is listed with a different employer,
for example a temporary employee who was hired from an employment agency or an employee who
was borrowed from another entrepreneur. In these situations you do not have to withhold and pay the
payroll tax and social insurance premiums. This will be done by the employment agency or the other
entrepreneur.
The rules for a freelancer are more complicated. It all depends on whether the freelancer is selfemployed and therefore independent or whether the freelancer is under your supervision.
The person/organization responsible for withholding and the employer
The person or organization responsible for withholding payroll tax and social insurance premiums is not
always the employer. The person or organization responsible for withholding payroll tax and social
insurance premiums can be:
•
with respect to current employment:
the employer;
•
with respect to former employment:
the former employer, the pension foundation or
the insurance company.
If you do not live or have established yourself in the Netherlands Antilles, you are only considered the
person or organization responsible for withholding payroll tax and social insurance premiums if:
•
you have a permanent establishment in the Netherlands Antilles, such as a branch, an office or
a workshop;
•
you have a permanent representative in the Netherlands Antilles;
•
you employ one or more persons in the Netherlands Antilles and the tax inspector has
appointed you the person or organization responsible for withholding payroll tax and social
insurance premiums.
The employee
What is meant with the term employee? An employee is a physical person employed by you. The
employment consists of the labor relation between the employee and the employer. If an employee is
employed by you, you will have to deal with items such as payroll tax, social insurance premiums and
employee insurance scheme premiums.
It is possible that, although no relationship of authority* exists between the employer and the employee,
the employer still must apply the rules for withholding payroll tax and premiums AOV/AWW and AVBZ.
This occurs if you provide work to people working at home, contractors, trainees and children.
*) This means that you give orders and instructions with respect to the work to be done to the employee
who, in turn, must accept these orders and instructions.
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Resident employee
For employees from the Netherlands Antilles it does not matter where they perform their activities. What
counts is that they are employed by a person or organization responsible for withholding payroll tax and
social insurance premiums or obtain their wages from a person or organization responsible for
withholding payroll tax and social insurance premiums that lives or is established in the Netherlands
Antilles.
Foreign employee
A person who does not live in the Netherlands Antilles, is only considered an employee if he:
•
is employed in the Netherlands Antilles;
•
receives income from former employment in the Netherlands Antilles;
•
is employed or receives another type of income (for example a pension) from an Antillean
public legal person (for example a government agency) irrespective of the place where the
employment is carried out;
•
is a director or supervisory director or receives an income as a former director or former
supervisory director from an organization established in the Netherlands Antilles, irrespective of
the place where the employment is carried out.
Place of residence or place of establishment
To be able to determine where an employee lives, his or her place of residence must be determined.
This is, amongst other things, the place where someone spends most of his time or where his family
lives. The question where a person responsible for withholding payroll tax and social insurance
premiums lives or is established is assessed on the basis of the place of residence or the place of
establishment. For the place of establishment one can look at the place where the activities are carried
out or at the place where management meets. For the place of residence the same criteria apply as for
the employee.
Exceptions due to treaties
A treaty may constitute different rules with respect to the payroll tax and premium obligations. For the
Netherlands Antilles are, amongst other things, de Belastingregeling voor het Koninkrijk and het
Verdrag met Noorwegen applicable.
For further information on treaties entered into by the Netherlands Antilles one can contact the Inspectie
der Belastingen (Internal Revenue Service).
To set up and maintain payroll records
Whenever you start to employ people, you must also set-up payroll records. Payroll records must meet
certain conditions. This is necessary for providing the correct data to the Inspectie der Belastingen
(Internal Revenue Service).
In addition to this, the payroll data must be administered in such a way that they are easily accessible
for review by the Inspectie der Belastingen (Internal Revenue Service).
4.5.2
Forms
At the start of the calendar year, you will receive the following forms from the Inspectie der Belastingen
(Internal Revenue Service):
• payroll tax statements;
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• summary statement of wages and payroll sheets;
• tax forms and payment forms;
• payroll tax cards;
• standard letters to present the information to the tax inspector;
• Article 45 ALL-cards.
You will also receive the payroll tax tables for that particular year.
If you accidentally did not receive one of the above mentioned forms, you can get in touch with the
Inspectie der Belastingen (Internal Revenue Service) or download the forms from the website.
You can also supply the summary statement of wages electronically. For information on the desired
layout and the file format, you can get in touch with the Inspectie der Belastingen (Internal Revenue
Service).
In the following paragraphs we will comment on some of the forms.
Payroll tax statement
An employee is obliged to fill in a payroll tax statement in the following instances:
•
the moment he enters into employment with a person or organization responsible for
withholding payroll tax and social insurance premiums;
•
the moment he receives a benefit or pension which is subject to payroll tax;
•
whenever his or her spouse receives income from labor or entrepreneurship, which he/she did
not receive before;
•
whenever at the start of the calendar year there has been a change in the civil status of the
employee. The employee got married or separated, or his or her spouse died;
•
whenever at the start of the calendar year there has been a change in the amount of child
allowance, for example because of the birth of children in the previous calendar year.
The employee is obliged to supply you with the requested data by means of the payroll tax statement.
This form must be completed clearly and fully and must be signed. The form must be in your
possession prior to the first payment of wages. Upon request of the employee you must provide him or
her with a new payroll tax statement.
The employee is obliged to request a new form whenever changes take place in his personal
circumstances, which have an impact on the amount of payroll tax. The moment you become aware of
changes in an employee’s personal circumstances which will lead to a higher amount of payroll tax, you
must submit a new payroll tax statement to that employee.
If an employee does not provide you with the payroll tax statement, you must charge the maximum
percentage of payroll tax. At the moment that percentage amounts to 49.4% (2008). This is called the
anonymous rate. The anonymous rate is also applicable whenever an employee supplies incorrect data
and you are aware or should have been aware of this inadequacy.
Example
A person agrees on a remuneration of Naf 4,000.- per month. This person, however, did not turn in his
payroll tax statement. This means that the maximum payroll rate - the so-called anonymous rate – must
be used by the employer. The amount of payroll tax to be withheld and paid amounts to 49.4% of Naf
4,000.- equals Naf 1,976.-.
Payroll sheet
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The data of every employee, which are important for calculating the payroll tax and premiums
AOV/AWW and AVBZ, must be recorded in a payroll sheet every year prior to the first payment of
wages.
The data which must be taken from the payroll tax statements onto the payroll sheet are:
•
the family name;
•
Christian names (first name in full);
•
ID or CRIB number;
•
the amount of child allowance, elderly allowance and/or single income household allowance.
Data which must be taken from the payroll records are:
•
total wages of the preceding year to determine the special payroll tax rate for this year;
•
a description of income in kind, if applicable;
•
the catalogue value of the car, in case the employee got a car assigned to him or her.
For further information we kindly refer you to paragraph 9 Car expenses and taxes of Chapter 4 Taxes.
In addition to this, data are taken from the decision concerning reduction of payroll tax due to deductible
costs. This “arrangement” is delivered by the tax inspector.
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It is not mandatory to use the obligatory model of the payroll sheet. One is allowed to use other types of
payroll sheets which contain the same data. Whenever the column classification deviates from the
obligatory model, it is, however, recommended to assign equal numbers to the same types of columns.
This will prevent mistakes.
The payroll sheet comes with notes to the payroll sheet which may assist you in filling in the payroll
sheet.
Payroll tax card
At the end of each year you must submit a number of relevant data to ascertain the payment of the
correct amounts of payroll tax and premiums, such as wages, payroll tax withheld and premiums
AOV/AWW and AVBZ withheld. The payroll tax card must also contain information on expense
allowances, enjoyed income in kind and deductions such as contributions to a pension scheme.
Once the calendar year has ended, an employee may request his payroll data, even if such employee
terminated his employment during that calendar year. You are obliged to provide your employees with
the requested data.
Article 45 ALL-cards
Article 45 of the ALL (Algemene landsverordening Landsbelastingen) (General Country Regulation on
Taxes) reads that whoever is obliged to keep records must report certain items to the tax inspector
every year.
Besides turning in the summary statement of wages you are obliged to prepare one or more so-called
Article 45 ALL-cards in the month of January of each year. Article 45 ALL-cards must be signed and
turned in at the offices of the tax inspector. This card contains the data of the persons who performed
activities and/or provided services to you during the past year, but were not employed by you.
Examples of this are the services provided by accountants and lawyers and the activities by contactors
and painters. The tax inspector will provide you with the necessary documents.
Obligations of the person or organization responsible for the withholding of payroll tax and
social insurance premiums
A person or organization responsible for the withholding of payroll tax and premiums AOV/AWW and
AVBZ must perform the following activities:
•
distribute payroll tax statements to the employees;
•
create a new payroll sheet for each employee at the beginning of each year. You may find the
personal details for each employee on the employee's latest payroll tax statement. The payroll
sheet must be updated with each payment of wages;
•
withhold payroll tax and premiums AOV/AWW and AVBZ on each salary payment;
•
fill in the payroll tax forms and the declaration forms for the premiums AOV/AWW and AVBZ;
•
submit the payroll tax forms and declaration forms and pay the amounts withheld. The payroll
tax forms must be submitted to the Inspectie der Belastingen (Internal Revenue Service) no
later than the 15th of each month. Payment must be no later than the 15th of the month at the
Ontvanger der Belastingen (Tax Collector’s Office);
•
fill in the payroll tax cards based on the payroll sheets;
•
fill in the summary statement of wages, also by means of the payroll sheets.
Attention!
You must pay the amount of payroll tax withheld to the Eilandontvanger (Island Collector). You must
pay the amounts of premiums AOV/AWW and AVBZ withheld to the Landsontvanger (Country
Collector).
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4.5.3
Declaration and payment
On the payroll tax form you fill in the amount of payroll tax and premiums AOV/AWW and AVBZ to be
paid. You pay these amounts the moment you submit the payroll tax form. Submitting and payment
must be done by the 15th day of each month, at the latest. The payroll tax form contains all employees.
You submit the payroll tax form to the Inspectie der Belastingen (Internal Revenue Service), but it is
also possible to submit the form simultaneously with the payment at the Ontvanger der Belastingen
(Tax Collector’s Office).
You may also submit the payroll tax form and pay the amounts of payroll tax and premiums at the Giro
bank. You must, however, take into account that the processing of your payment and the mailing of
your payroll tax form may take some time. When the tax inspector and/or the Ontvanger der
Belastingen (Tax Collector’s Office) don’t receive the payroll tax form and/or the payment of the payroll
tax and premiums in time, it is your responsibility. They will impose a fine for late receipt and/or late
payment.
Of course it is not the intention of the tax authorities to impose fines. You can prevent this by:
•
taking into account the business hours of the Inspectie der Belastingen (Internal Revenue
Service), the Eilandontvanger (Island Collector) and the Landsontvanger (Country Collector);
•
taking into account the fact that the bank needs time to process the payment and to mail the
payroll tax form.
A final note to all of this: you cannot recover an administrative fine from your employees, not even in the
case they provided you with incorrect information. The law requires that the person or organization
responsible for withholding payroll tax and social insurance premiums must pay these amounts, not the
employee.
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4.5.4
The term wages (remuneration)
Wages or remuneration is everything an employee enjoys from his or her employment. There must be a
link between the remuneration and the existing or former employment.
There are different types of remuneration:
•
remuneration in money;
•
remuneration in kind;
•
remuneration by way of being entitled to benefits and/or distributions.
Remuneration in money
Remuneration in money relates to the payment of a reward in cash, frequently referred to as wages.
Furthermore, remuneration in money relates to the payment of overtime, taxable reimbursements of
costs, holiday pay, tips, bonuses, etc.
Remuneration in kind
Remuneration in kind refers to rewards which are not paid in cash. It refers to rewards in the form of
goods, housing, meals, clothing, holiday travel or a car. The question is what the value is of this kind of
remuneration. The assumption is that the remuneration in kind must be expressed in an amount, being
the amount that should have been paid if it had to be purchased. The value of remuneration in kind is
therefore the economic value, being the price which can be asked in an ordinary marketplace, including
turnover tax. Whenever an employee must contribute to remuneration in kind, the amount contributed is
deducted from the amount of the remuneration in kind.
The determination of the value of some remunerations in kind might lead to practical difficulties. For this
reason certain reward appreciation rules have been created. A number of them will be explained
hereafter:
Meals
The value of meals supplied to employees on a regular basis is, at minimum, as follows:
breakfast:
Naf 2.50
cold meal:
Naf 2.50
hot meal:
Naf 5.00
The contribution paid by the employee is deducted from these amounts. Whenever the contribution of
the employee exceeds the above mentioned amounts, the value of the meal will be considered zero.
Attention!
The above mentioned valuation is also applicable for meals supplied to employees working overtime on
a regular basis. If the overtime is incidental - unexpected and only once or several times a year – you
don’t have to grant a value to the meals supplied to your employees.
Company car
Whenever you grant a company car to an employee and this employee is also allowed to use this car in
private, including commuter traffic, you must ad 15% of the original purchase price of the car, including
turnover tax, to the yearly income of this employee. For further explanation on company cars we refer to
Chapter 4 paragraph 9 Car costs and taxes.
Housing, free of charge
Whenever you grant housing to an employee, the rental value of the house is considered income to the
employee. The rental value of a house which is considered to be the main residence is put on 4.8% of
the economic value of the house, being the free market value.
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If the employee can show the tax inspector that the amount of his or her savings on housing is
considerably lower than the obligatory rental value, the inspector may lower the value of the
arrangement to the true amount of the savings on housing. As the person responsible for withholding
payroll tax and social insurance premiums you may take into account this lower amount no earlier than
the moment you receive this decision from the tax inspector. In every day practice this means that you
may only apply the lower value for remuneration periods not yet expired.
The tax inspector will only issue such decision if there is agreed upon an ordinary amount of wages and
the savings on housing exceed 20% of the gross family income.
In case the savings on housing exceed 20% of the gross family income and this more expensive house
was part of the labor agreement, the tax inspector will not issue a decision.
Example 1
Your company owns a director’s house with a free market value of Naf 250,000.-.
The economic rental value of the house then amounts to 4.8% of Naf 250,000.-.
This is Naf 12,000.- per year.
1.
You make this house available to the doorkeeper. The current occupant (also an employee of
the company) does no longer wish to occupy the house. The doorkeeper enjoys a salary of Naf
25,000.- per year. In general, this employee would not spend more than 20% of his income on renting a
house. After requesting a decision from the tax inspector, the rental value of the house will be put at Naf
5,000.- per year for this employee. As already two months of the fiscal year have expired, in which
months you added Naf 1,000.- per month to the income of the doorkeeper, you may take into account
the decision of Naf 5,000.- minus Naf 2,000.- equals Naf 3,000.- for the remaining 10 months of the
year, equaling Naf 300.- per month.
2.
You make this house available to an employee with a salary of Naf 60,000.-. This employee is
married and his spouse enjoys a salary Naf 50,000.- per year. A request for a decision on a lower rental
value will be rejected by the tax inspector since the rental value no longer exceeds 20% of the gross
family income (20% of Naf 110,000.- equals Naf 22,000.-).
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Example 2
A villa with a pool is bought for the managing director/sole shareholder with a value of Naf 650,000.-.
The house is made available to this person free of charge.
The director enjoys a salary of Naf 30,000.- per year. A request for a decision on a lower rental value
will be rejected by the tax inspector since the house is part of the labor agreement of the director.
Attention!
An allowance with respect to rental expenses is usually charged as remuneration in money.
Phone
If you provide for a phone connection in an employee’s house, a mobile phone or an internet
connection and you pay all the cost involved, you must add a minimum of Naf 480.- per year per
telephone connection to the employee’s wages.
Work clothes
The term work clothes refers to clothing and footwear nearly only suitable for wearing during the
exercise of a specific profession. Uniforms are an example of work clothes. Shoes with noses made of
steel are an example of work footwear. Clothing and shoes that can also be worn in private are not
considered work clothes (for example the blue suit of a manager).
Work clothes are also clothes, which can basically be worn in private, but will not be worn in private due
to the company name, the company logo or any other logo on it. The logo must be at least 70 cm² in
size. In case the work clothes consist of two or more components, not each component has to be
labeled as work clothes.
A growing number of companies provide work clothes to its employees. In most instances the employee
does not have to pay anything for these clothes. In these cases the employee saves money which
savings must be added to his or her income. In many cases these savings are, however, negligibly
small. For this reason it is decided to put the value of work clothes at zero.
In the guide on payroll tax you can find further information on remuneration in kind.
4.5.5
Expense allowances
Certain expenses made by an employee may be reimbursed by the employer free of taxes. Important is
that the employee incurred those expenses while exercising his of her job.
You may reimburse the expenses made by an employee while exercising his or her job on the basis of
a statement of expenses. The employee must hand over a statement of expenses including proof of
payment.
Expenses which may be reimbursed are, amongst other things: car expenses, telephone costs, food,
drinks and representation expenses, damage to personal belongings and study expenses. For an
overview of the amounts to be reimbursed you can consult the guide on payroll tax.
4.5.6
Fixed expense allowances
You can provide your employees with a fixed expense allowance in case they frequently incur the same
type of business expenses. This fixed expense allowance replaces the reimbursement of expenses on
the basis of a statement of expenses with proof of payment. In the case of a fixed expense allowance
the tax inspector will look at the nature and the size of the expenses. What is the allowance for? What
is the size of it?
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You must convince the tax inspector of the fact that the amount of the fixed expense allowance is
reasonable and does not exceed the costs made by the employee. In case you do not succeed in
convincing the tax inspector, the fixed expense allowance will be, in whole or partially considered
income. You can proof that the size of the fixed expense allowance is reasonable by having your
employee keep a record of his or her real expenses during a three month period. The expenses must
be substantiated by tickets, invoices and proof of payment. You must store this evidence.
AOV/AWW and AVBZ
AOV/AWW
All inhabitants of the Netherlands Antilles between the age of 15 and 60 years old are insured for
AOV/AWW. Certain persons who do not live in the Netherlands Antilles are also insured for AOV/AWW.
These are persons who:
•
are considered domestic taxpayers for income tax purposes, or
•
(temporarily) reside outside the Netherlands Antilles for business, but perform work or receive
wages from the Netherlands Antilles or one of the island groups, as long as they are Dutch.
Excluded of this insurance are:
•
foreigners;
•
persons, who are insured under the same conditions outside the Netherlands Antilles;
•
persons, who stay temporarily or temporarily perform activities in the Netherlands Antilles.
The AOV/AWW premium is imposed on the employee. You are not obliged to pay your part of the
premium, the so-called employer part (werkgeversdeel). The employer part is paid in the form of a taxfree surcharge on the amount of wages. The total premium amounts to 12.5%, of which 6.75% is the
employer’s part. To be entitled to an AOV/AWW benefit is free of charge. The contribution of the
employee, the so-called employee part (werknemersdeel, 5.75%), is deductible. The AOV/AWW benefit
itself will be charged with income tax. If the employer also pays the employee’s part of the premium it is
not charged with income tax. Whenever the person or organization responsible for withholding payroll
tax and social insurance premiums would pay the total premium AOV/AWW, the employee does not
have a deduction.
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AVBZ
The AVBZ reimburses medical expenses related to the treatment and nursing of chronic patients. The
premium is deducted from the income of persons of 15 years of age and older.
Insured for the AVBZ are:
•
residents of the Netherlands Antilles;
•
non-residents of the Netherlands Antilles, who are employed in the Netherlands Antilles and
pay payroll tax.
The premium is deducted from the first day of the month after reaching 15 years of age. Premium duty
does not stop upon reaching the age of 60 years as is the case with the premium AOV/AWW. The
premium AVBZ amounts to 2% in total. When the income is less than Naf 5,200.- (for unmarried
people) or less than Naf 5,900.- (for married people), a premium of 1% applies. Whenever the employer
also pays the employee’s share of the premium, this is considered income to the employee.
The payment of the premiums AOV/AWW and AVBZ must take place at the Landsontvanger (Country
Collector). The payment may also be done at the Giro or the bank. You must, however, take into
account that this may cause delays.
For further information on the premiums AOV/AWW and AVBZ you are referred to chapter 6 Social
insurances.
4.5.7
The ultimate responsibility for the payment of payroll tax and social insurance premiums
(ketenaansprakelijkheid)
A contractor in the construction business is severally liable for his subcontractors with respect to payroll
tax and premiums AOV/AWW and AVBZ.
A subcontractor is a contractor who is hired by the main contractor to do (parts of) his job. If the
subcontractor for his part of the job again hires another subcontractor, he himself will be severally liable
for the payroll tax and premiums AOV/AWW and AVBZ involved in that particular subcontract.
A contractor is someone who runs his own company in the construction business and performs work,
material in nature, for a certain price. Work, material in nature, refers to the building, renovation,
maintenance and demolition of buildings as well as to the construction of roads.
The so-called self builder is also considered to be a contractor under the regulations with respect to the
ultimate responsibility for the payment of payroll tax and social insurance premiums. A self builder is
someone who performs work, material in nature, without an order. For example: an entrepreneur who
runs a shop and builds extra store space by engaging a few construction workers is considered to be a
self builder.
The main contractor can prevent to be held severally liable by closing a written agreement with his
subcontractor. It is then agreed upon that the subcontractor pays a certain amount for the payment of
payroll tax and premiums AOV/AWW and AVBZ into a so-called escrow account at a local bank. This
way, the main contractor will not be held liable in case the subcontractor does not pay his payroll tax
and premiums, since the money in the escrow account may be used to do so. If the subcontractor again
hires another subcontractor for parts of the job, he must close the same type of agreement with his
subcontractor to be able to prevent liability.
The main contractor can also prevent to be held severally liable by submitting a copy of the contractor
agreement to the tax inspector within one week after signing the agreement. This agreement must, in
any case, contain the following data:
•
the place;
62
•
•
•
•
•
the scheduled starting date;
the expected date of completion;
the estimated value of the contract;
the estimated value of the wages;
CRIB number of (sub)contractor.
Whenever a job, material in nature, is ordered outside a business situation, this situation will legally be
considered a case of fictitious employment. The legislature considers fictitious employment the same as
employment. In general, in the case of employment, there is an authoritative relationship between the
employer and the employee. This authoritative relationship does not exist between the person or
organization ordering the job and the person who accepted the job. The legislature has therefore
introduced the concept of fictitious employment with respect to payroll tax and social insurance
premiums. The concept of fictitious employment is also applicable on the people assisting the
contractor. The person or organization who ordered the job to be done must withhold the payroll tax
and the premiums AOV/AWW and AVBZ from the contractor and the people assisting him. The concept
of fictitious employment does not apply when the person ordering the job to be done is a natural person
ordering a private job to be done. The concept of fictitious employment is also not applicable whenever
the contract is with the Land, one of the island groups or a government public corporation.
A (sub)contractor who is not a resident of the Netherlands Antilles or not established in the Netherlands
Antilles, must withhold payroll tax and premiums AOV/AWW and AVBZ whenever he has a permanent
establishment or a permanent representative in the Netherlands Antilles. Whenever the job takes more
than 30 days in the Netherlands Antilles the foreign (sub)contractor is considered to have a permanent
establishment in the Netherlands Antilles. In that case, the main contractor is severally liable for the
payroll tax and premiums AOV/AWW and AVBZ of this particular subcontractor.
Whenever a contractor uses an employee of another employer to get the job done, this contractor is
severally liable for the payment of the payroll tax and social insurance premiums of this employee.
The (sub)contractor will be held liable by the tax inspector by means of a decision of the tax inspector.
The (sub)contractor can object and appeal this decision. He can object or appeal to the liability or to the
amount of payroll tax and social insurance premiums
.
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4.6
To set up an administration is an important activity when starting your own business. At all times, the
administration must give you a proper overview of all the (financial) developments in your company.
When you keep your books up to date, it will save you a lot of time and money in the end.
4.6.1
Orderly administration
Important to understand is that all business data, whether they are on paper or electronically, are part of
the administration. It is important to set up a proper and orderly administration. It is not only the law that
requires you to do so (your administrative duty), but it is also of the utmost importance for conducting
your business. That way you will have direct access to the figures and results with respect to the profit,
turnover and costs of your business. It is wise to set up a proper and orderly administration from the
start of your business, which you will only have to update.
Parts of the administration are, for example:
•
the cash records and cash receipts;
•
financial notes, such as a register with purchases and a register with sales;
•
interim audit calculations;
•
stock lists;
•
invoices received and copies of invoices sent;
•
statements of bank accounts;
•
contracts, agreements and other appointments;
•
calendar and appointment book;
•
correspondence;
•
software and data bases.
You must store your administration for a minimum of 10 years. This is called the storage duty. It is a
legal obligation.
Your administration is considered proof of your financial position to the Inspectie der Belastingen
(Internal Revenue Service). In case your administration is incomplete, not auditable within a reasonable
time period or in case you did not keep your administration (or parts of it) at all or not long enough, it
may have consequences for the turnover and profit of your business. In those instances, the Inspectie
der Belastingen (Internal Revenue Service) does its own calculations of the amounts of turnover and
profit to be taxed.
There are additional administrative obligations in place for turnover tax and payroll tax. These have
been incorporated in paragraph 2 of Chapter 4 Turnover Tax and in paragraph 5 of Chapter 4 Payroll
tax. You can find information on setting up payroll records in paragraph 4.5.1 Personnel and taxes of
Chapter 4 Payroll Tax.
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4.6.2
Cash records
The cash records give an overview of all cash receipts and cash expenditures. It is important that these
records are maintained in the correct manner and are stored. The Inspectie der Belastingen (Internal
Revenue Service) considers correct and complete cash records of the utmost importance. Many
adjustments to the profit calculation of a business come from incorrect or incomplete cash records.
Proper cash records require that you:
•
record all financial transactions in cash;
•
record regularly and on the correct date;
•
regularly close the cash records and reconcile the balance per the cash records with the
amount of cash at hand;
•
keep proof of cash expenditures;
•
separately store the cash receipts and checks.
4.6.3
Tips
Below you will find a number of tips which may be helpful while keeping your company’s administration.
•
use files and subject divider cards.
•
make sure that your company data are correct and clearly visible on your invoice.
•
on the invoice mention:
-the date on which you supplied the goods or rendered the service;
-your name, address and CRIB number;
-a clear description of the performance (goods provided and/or services rendered);
-the price;
-the amount of turnover tax.
•
in your personnel records, record:
-the fixed information of your employees;
-a copy of their sedula;
-the employment contracts;
-the employee’s payroll tax statements.
•
process all data on a monthly basis.
•
determine a fixed payment date to pay the wages.
•
pay your taxes in time.
•
pass on all changes in personnel to the appropriate organizations in time.
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4.7
Costs and taxes
Not only at the start of your business, but also during the course of your business you will incur various
types of costs. You purchase, for example, machinery, furniture, materials or cars. In addition to this,
you buy office articles and pay insurance premiums related to the business.
In this chapter we will describe which costs are deductible for tax purposes and which costs are nondeductible.
4.7.1
Costs
Costs form an important part of calculating the profit of your business. The profit of the business equals
turnover minus costs. An increase in costs will result in a decrease in profit.
There is a distinction between the various types of costs. Not all costs are deductible for tax purposes.
There is also a difference between costs which are fully deductible in one year and costs which must be
spread out over several years.
As an entrepreneur you incur expenses. When calculating the profit of the business only expenses
related to the business may be deducted as company costs. Expenses are related to the business
when they:
•
are necessary to run the company, or
•
are directly related to the company, or
•
were incurred for business reasons.
The Inspectie der Belastingen (Internal Revenue Service) is not allowed to question company policy.
Whether certain expenditures are justified should not be questioned when determining whether those
particular expenditures were made for business reasons or not. The Inspectie der Belastingen (Internal
Revenue Service) can, for example, not make a correction based on the fact that a company hired two
employees instead of one (which would have been sufficient).
4.7.2
Deductible and non-deductible costs
Some business expenditures may only be partially deducted when calculating the profit of the business,
because they also have a private character. A number of cost types are therefore only 80% deductible.
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Non-deductible costs
The following costs/expenditures are non-deductible:
•
capital expenditures, such as the purchase, improvement or change of assets (the purchase
price of assets is usually depreciated);
•
paid profits tax;
•
10% of the paid Belasting op Bedrijfsomzetten (BBO) (Tax on Company Turnover);
•
costs of vessels for representation;
•
fines, imposed by a Dutch-Antillean judge or a government institution;
•
costs of indictable offenses;
•
bribes;
•
dividends and premiums, unless these are granted to members of the supervisory board of
directors, directors and personnel for performed labor in the company.
For an extended list of all non-deductible costs/expenditures we refer you to the applicable law.
Private expenditures
Whenever a company pays the director’s/shareholder’s utility bills, these costs are non-deductible. The
same applies when the company pays the income tax for the director/shareholder.
Whenever you use company goods for private purposes you must account for that when calculating the
profit of the company. Such private expenditures should not have an impact on the profit of the
company.
For the private use of a company car or the use of a house provided by the company, special
regulations apply. (see paragraph 9 Chapter 4 Car costs and Taxes)
For the private use of a company car 15% of the catalogue value of the car must be added to the
income of the employee on his or her income tax return. For the use of a house provided by the
company 4.8% of the market value of the house must be added to the income of the employee.
Deductible costs
The following costs/expenditures are only 80% deductible:
•
promotional gifts;
•
food, spirits and stimulants;
•
representation costs;
•
courses, congresses, seminars, symposia, including travel and accommodation expenses.
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The deduction of grants
One must distinguish between grants out of generosity and grants as company costs, such as publicity,
sponsoring and promotional presents. For each type of grant different rules apply.
Grants out of generosity
The legislation offers you the possibility to deduct grants under certain conditions. The purpose being
the stimulation of granting money to religious, cultural, charitable and scientific institutions and
organizations for the public advancement in the Netherlands Antilles. An organization for the public
advancement is an organization aimed at the private interest of a certain group of people, for instance
the Foundation for protecting children on Curaçao.
To be clear: a grant is a not an obligatory contribution for which you will receive something in return. In
other words: a grant is made out of generosity and the grantor does not expect something in return.
Grants out of generosity are deductible in the year of payment.
There are thresholds with respect to the deduction of grants. Grants paid are only deductible if they
amount to more than 1% of the profit of the business up to a maximum of 3% of the profit of the
business. Furthermore, the amount of the grants must exceed Naf 100.-. Finally, deduction of grants is
only possible after fiscal losses have been accounted for. Whenever a company makes a loss instead
of a profit, one can not deduct the costs of grants.
You may only deduct grants which you can substantiate with written evidence. This applies both to the
grant itself as to the size of the grant. Bank statements and receipts serve, amongst other things, as
written evidence.
Attention!
Grants to natural persons do not qualify as grants since these grants were not made to an institution.
Also, grants to political parties are not deductible.
Publicity costs and sponsoring
The rules for grants out of generosity are of course only applicable when the grants should not be
considered company costs. Company costs as publicity and sponsoring are 100% deductible. Grants
are deductible as company costs if you can not in fairness refrain from the grant based on the size of it.
Whenever you contribute to a publicity stunt to increase name recognition or brand awareness, it is not
a grant out of generosity, but a business expense. Whenever a TV-program mentions that the program
is sponsored by your company, the costs are 100% deductible as publicity costs. The same applies
when you sponsor a sport event or walking excursion, which is organized by an organization for public
advancement.
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Example
In 2008 you realized a profit of Naf 22,000.- and you made the following grants that year:
1.
Foundation for protecting children on Curaçao Naf 1,300.-;
2.
The government upbringing home Naf 2,000.-.
In return, the government upbringing home will hang a company poster in the hallway. The grants have
not been included in the profit calculation yet. The gift to the government upbringing home is entirely
deductible as company costs. The taxable amount therefore changes to Naf 20,000.-. 1% of the gift to
the foundation for protecting children on Curaçao (Naf 200.- (1% of Naf the 20,000.-)) is not deductible
and the total deductible amount may not exceed Naf 600.- (3% of Naf 20,000.-). The taxable profit
therefore finally changes to Naf 19,400.- (Naf 20,000.- minus Naf 600.-).
Attention!
There is no sponsoring when:
•
you pay more than the total costs of the activity you sponsored;
•
the contribution in relation to the publicity is disproportionate.
Promotional presents
The costs of promotional presents to business partners are 80% deductible. Examples of promotional
presents are Christmas gifts and flower arrangements at particular occasions. When the purpose of
giving the present is promotion of sales or maintaining good relations with business partners, the
present may be considered a promotional present.
20% is not deductible since promotional presents also have a private character.
4.7.3
Real estate
Whenever real estate is part of the company capital, the following situations must be distinguished:
1.
real estate which is made available to the owner/entrepreneur as his or her main residence
(own house);
2.
the owner/entrepreneur leases the real estate to third parties or makes it available to third
parties.
Ad 1. Own house
Whenever a house is part of the company’s capital but made available to you as your main residence,
you don’t have to add the rental value of this house to the company’s profit.
You are allowed to deduct the maintenance costs of this house up to an amount of 2% of the register
value of the house with a maximum of Naf 3,000.- from the company’s profit.
Depreciation costs are deductible. In addition to this, there in no limit on the deductibility of the interest
on the mortgage.
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Attention!
Other costs related to this house, such as fire insurance, land tax, ground rent and ground lease are not
deductible.
Ad 2.
A
Lease of real estate
Whenever you lease real estate that belongs to the company’s capital, the lease income is fully taxable.
The costs such as maintenance costs, fire insurance, land tax, ground rent, ground lease and
depreciation are, on the other hand, fully deductible.
B
House made available
Whenever you make a house, which is part of the company’s capital, available to, for example, an
employee, there is a maximum to the amount of costs you may deduct in relation to this house. Your
deduction may not exceed the amount which the employee must add to his income as the taxable
rental value of the house (income in kind). Thus, 4.8% of the market value of the house, plus 2% of the
value of the house (for application of the land tax) with a maximum of Naf 3,000.-.
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4.8
As an entrepreneur you run your business with the intention of realizing a profit. You can
realize such profit by selling goods (supplies) to your customers and/or render services to your
customers. Frequently you first have to purchase goods before you can sell those to your
customers. It is also possible that you require the services of others before you can run your
own business. When purchasing goods (and sometimes also when purchasing services), you
must distinguish between purchases and investments. We talk about purchases if you
purchase goods with the intention to sell those goods. You can also purchase services to sell
them again.
We talk about investments if you purchase goods with the intention to use them over a longer
period of time (a number of years) in your company. These are the so-called operating assets.
An example of an operating asset is a computer to administer the business of the company or
a machine to produce the products.
In this chapter we will discuss purchases and investments in detail.
4.8.1
What are purchases?
Purchases are goods and/or services which you buy for your company. You buy, for example,
raw materials, auxiliary materials and semi-finished products to process those to a finished
product. You buy these types of products to produce the finished product. You can also order
products to store in inventory and to sell from your store. Or you can buy office articles which
enable you to render your services.
You pay a price to the supplier for the goods and/or services you buy. What you pay your
supplier is what you include in the price of the products and/or services you provide.
4.8.2
What are investments?
Investing refers to the fact that you buy operating assets for your business. You need
operating assets to be able to produce your products or render your services.
Investing refers to the purchasing of buildings, machinery, means of transportation, tools,
furniture and such. Also goodwill or patents are considered investments. Goodwill is the
amount you pay when you acquire a company from another person. You pay, amongst other
things, an amount for the name recognition and/or brand awareness of the company you
acquire.
Whenever you start investing in operating assets, there are two important consequences:
•
you must write down on the purchase price of the investments;
•
you may request for an investment allowance.
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4.8.3
What are operating assets?
Operating assets are assets used to run a business. Operating assets are part of the fixed
assets of the company and intended for running the business in contrast to assets which are
intended to generate turnover. Operating assets are, for example, buildings, machinery,
furniture and tools. Also immaterial items, such as goodwill and patents, can be considered
operating assets, because they are independent in nature and raise the value of the company.
Rental property used to run the business is not considered to be part of the operating assets,
unless the risk of depreciation is with the company. This might be the case when a tenant
makes a significant investment in a piece of rental property, which turns his right to rent the
property into an economic good which can be depreciated.
The following items are not considered to be operating assets:
•
capitalized costs/expenditures, such as rent paid in advance and insurance premiums
paid in advance;
•
items which will be consumed entirely within a short period of time;
•
items used to maintain operating assets such as oil, bolts and screws;
•
items of little value;
•
publicity costs;
•
packaging materials: wooden coffins, jute pockets etc. (It is possible that these items
must be inventoried and are labeled as stock at year-end.)
4.8.4
Depreciation and accelerated depreciation on operating assets
What is depreciation?
When determining your profit you take into account the purchase costs of the operating
assets. You will deduct those costs from the realized turnover of the company. Operating
assets, however, last more than one year and for this reason you may not deduct all costs at
once in the year of purchase. Instead of deducting the total amount at once you must
depreciate. This means that you divide the costs over several years.
Annual depreciation
An operating asset frequently declines in value by technical wear or economic obsolescence.
This will be taken into account by depreciating the operating asset on an annual basis.
Depreciation reduces the profit of a company. The annual depreciation of an operating asset
is determined by the cost, the economic life span and the residual value of the asset. Cost
refers to the purchase price of the asset or the costs to generate the asset, including the costs
to get the operating asset running. The annual depreciation is that part of the cost not yet
depreciated (the book value of the asset) which can be allocated to that particular year.
Depreciation is not permitted, when the operating asset does not decline in value, for
example, land.
72
To determine the amount to be depreciated annually, you must first estimate:
•
how long the operating asset will be in use, and
•
what the expected residual value will be.
There are several depreciation methods. The most common depreciation method is to
depreciate a fixed percentage of the acquisition value minus the residual value, the so-called
straight line depreciation method. In general, buildings can only be depreciated by the straight
line method.
Example
Straight line depreciation method
Purchase price machine
Depreciation percentage
Residual value in percentage
Depreciation costs per year
Naf 120,000.10%
10% (Naf 12,000.-)
(Naf 120,000.- minus Naf 12,000.-) x 10% = Naf 10,800
The taxable profits will be reduced annually during a ten year period with Naf 10,800.-. In this
case, the entrepreneur deducts the difference between the purchase price and the residual
value in 10 equal parts from the profit of the business.
Whenever the performance of an operating asset is considerably higher in the first years than
in the later years of its existence, it is possible to depreciate more in those first years than
later on. You can do this, for example, by depreciating each year a fixed percentage of the
book value of the operating asset until you reach the residual value of the asset. This is the
so-called reducing depreciation method.
Example
Reducing depreciation method
Purchase price machine
Depreciation on book value
First year depreciation
Second year depreciation
Naf 10,000.20%
20% of Naf 10,000.- equals Naf 2,000.-.
20% of Naf 8,000.- (Naf 10,000.- minus Naf 2,000.-)
equals Naf 1,600.-
You may use this method whenever the demand for a product decreases or the costs
increase over time. In general, one finds a strong increase in maintenance expenses of
machines and cars over time. Depreciation of the book value is then permitted.
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The Inspectie der Belastingen (Internal Revenue Service) uses the schedule below for
determining depreciation percentages and residual values of operating assets.
Type of operating asset
Depreciation in %
Buildings
Renovations
Renovations
Inventory
Computer:
hardware
mainframe
Machinery and installations
Cars:
private cars
rental cars
trucks
buses
Establishment costs of the company
Goodwill
Residual value in %
2 - 2.5
2 - 2.5
10
10 - 20
10
10
nil
10
33 - 50
10 - 12.5
10
nil
nil
10
20
33
10
10
20
20
10
15
15
15
nil
nil
Accelerated depreciation
The tax legislation offers the possibility to randomly accelerate the depreciation of operating
assets. This means that besides the normal depreciation you may randomly, but only once,
depreciate 1/3rd of the purchase price. Randomly, refers to the fact that you may depreciate
1/3rd in the year you consider best. The normal depreciation base will of course be reduced
when applying the accelerated depreciation.
Example
Accelerated depreciation and straight line depreciation
(Continuation of the example for straight line depreciation)
Accelerated depreciation: 1/3rd of Naf 120,000.- equals Naf 40,000.The normal depreciation base is reduced by the application of the accelerated depreciation to
Naf 120,000.- minus Naf 40,000.- equals Naf 80,000.-. For the annual depreciation remains
an amount of Naf 68,000.- (Naf 80,000.- minus Naf 12,000.- (the residual value)).
The annual depreciation will therefore be: 10% of Naf 68,000.- equals Naf 6,800.-.
Whenever the company applies the accelerated depreciation in year 1, the total depreciation
for that year becomes: Naf 40,000.- plus Naf 6,800.- equals Naf 46,800.-.
Buildings
The rules with respect to accelerated depreciation are more liberal when it comes to the
depreciation of buildings. In the case of buildings, accelerated depreciation is already allowed
the moment you enter into obligations with respect to buildings. In other words: you can
already apply accelerated depreciation prior to the completion of the construction.
There is, however, one condition: up to the moment of occupation of the building you may not
depreciate more than you paid.
Attention!
Public corporations which are entitled to a so-called tax holiday or are established in the
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E-zone are not entitled to accelerated depreciation.
4.8.5
Investment allowance
What is investment allowance?
Whenever you invest for more than Naf 5,000.- in operating assets in one particular year, you
may qualify for an investment allowance. An investment allowance is also granted for
operating assets which were manufactured in your own company, for example, the building of
your own office by a contractor. The investment allowance amounts to 8% of the total
investment amount, both in the year of investment as in the following year. For investments in
new buildings and improvement of existing buildings, a different percentage of 12% applies.
Example
Profit
Purchase price machines
Investment allowance
Profit after allowance
Naf 100,000.Naf 240,000.8% of Naf 240,000.-
-/- Naf 19,200.Naf 80,800.-
In this example you pay tax on the profit amount of Naf 80,800.- and not on the original profit
amount of Naf 100,000.-. In the second year you are once again entitled to an investment
allowance of Naf 19,200.-. In two years time the profit of your company is therefore reduced
by Naf 38,400.-.
Attention!
Not every investment in an operating asset leads to an investment allowance. There are a
number of operating assets excluded from investment allowance.
The most important operating assets excluded are:
•
land, including the land underneath buildings;
•
houses, including parts of business buildings which are inhabited;
•
cars, not intended for professional passenger transportation;
•
ships used for representation, such as the entertaining of business relations;
•
shares, obligations, receivables and goodwill;
•
bottles, coffins and packaging materials;
•
objects of little value;
•
operating assets you do not wish an investment allowance for.
75
4.8.6
Capital disposal charge
The Inspectie der Belastingen (Internal Revenue Service) can reverse an investment
allowance which was granted earlier. This is the case when you sell an operating asset for
which you received an investment allowance within six years after you purchased the asset.
For buildings a different time period of 15 years applies. When you sell such operating asset
you must pay a so-called capital disposal charge. The size of this capital disposal charge is
determined by the sales price and the percentage (8% or 12%) that was used for the
investment allowance. The capital disposal charge is never higher than the amount of the
investment allowance. The capital disposal charge will raise your profit and you must therefore
pay more profits tax in the year of sale.
Attention!
After six (or 15 years) there will be no capital disposal charge anymore.
Example
A public corporation purchased a machine for Naf 80,000.-. The machine is sold within two
years after the date of purchase for Naf 50,000.- (the sales price). The capital disposal charge
equals 8% of Naf 50,000.- or Naf 4,000.-. This raises the profit in the year the sale took place
and the following year with Naf 4,000.-. In total the capital disposal charge amounts to Naf
8,000.-.
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4.9
An entrepreneur may need a car to visit customers, to deliver products to his customers or to
simply drive from his house to his company. An entrepreneur can also provide a car to his
employees for business use and possibly also for private use.
This paragraph describes the things you must take into account with respect to car costs.
4.9.1
A company car or a private car?
As an entrepreneur you have different options:
For yourself:
•
you drive a company car;
•
you drive your own car.
For your employees:
•
they drive a company car;
•
they use their own car for business purposes.
Which option you choose is completely up to you. We will discuss the different options
hereafter.
You drive a company car
If you drive a company car, this car is part of the operating assets of your company and does
not belong to your private capital. The car costs are costs of the company. Whenever you use
the company car in private, for example for holidays, grocery shopping and family visits, this is
considered an advantage to you, since people without an company car do not have that
opportunityu. You must account for this advantage in private. You must deduct the value of
the private advantage from the car costs of your company. The amount that remains may be
deducted from the turnover of the company as the true company car costs.
It is possible that you do not use the company car in private. You must be able to proof this by
keeping track of the trips that were made with the company car. The use of this statement of
car usage is described hereafter.
The situation described above is important for entrepreneurs running their business by means
of a sole proprietorship, a firm or a partnership.
You drive your own car
You can use your own car for business purposes. You are entitled to a tax-free compensation
of Naf 0.35 per business kilometer. You may deduct the total amount of your kilometer
allowance from the turnover of your company at the end of the fiscal year. You must keep
track of the business trips you made with your own car by means of a statement of car usage.
For each trip you must register the following:
•
date of the trip;
•
trip number;
•
number of kilometers at the start of the trip;
77
•
•
•
•
•
•
number of kilometers at the end of the trip;
place of departure;
destination;
route driven;
address visited;
whether it is a business trip or private trip.
Summary
When calculating your profit you must take into account the following things:
•
if the car is part of your operating assets, you must take into account private use of the
car. Private use is calculated as follows. You must add 15% of the catalogue price of
the car (including turnover tax and import duties) to your profit. In other words: the
maximum amount you may deduct from your profit is the total amount of car costs less
15% of the catalogue price of the car;
•
if the car is your own car, you may deduct the costs of business trips, excluding
commuter trips, against a rate of Naf 0.35 per kilometer;
•
registration of trips is of utmost importance to prove that a company car was not used
in private or to determine the number of business kilometers driven with a private car.
4.9.2
Employees drive a company car
Whenever you provide a company car to an employee, who also uses this car in private, you
must add 15% of the catalogue value of the car (including turnover tax and import duties) to
the employee’s income. Basically, this amount, also called wages in kind, must be included in
the gross wages of the employee.
Attention!
The director of a public or close corporation is also considered to be an employee.
Attention!
Private use also includes commuting. This is the travel back and forth between the place of
residence and the place of work.
In case the employer requires the employee to drive the car home to prevent, for example
robbery or destruction, it is still considered private use.
Whenever you provide your employee with a company car during the course of a year, the
private use must be calculated proportionally.
Example
Imagine the addition for private use of a company car amounts to Naf 5,000.- for a full year,
but the employee only used the car in private for a period of three months. The private use is
then calculated by taking 3/12th of Naf 5,000.- equaling Naf 1,250.-.
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If the employee must pay his employer for the private use of the company car, the amount of
compensation received may be deducted from the 15% mentioned before. If the employee
pays more than 15%, private use will be put at zero.
In case the employee does not use the company car in private, he or she must prove this by
showing statements of the trips made with the company car, as previously described.
Attention!
In case an employee stays abroad for a considerable amount of time and turns in the keys of
the company car, this time period abroad must be excluded from the calculation of the private
use. This time period may, however, not be excluded from the calculation of the private use,
when the employee leaves the car at home with his family, since they may have used the car
during his absence abroad. If the employee turns in the car and the car is made available to
another employee, this time period must be included in the calculation of the private use of
this other employee.
The employee uses his own car for business
Whenever your employee uses his own car for business trips, you can pay him a tax-free
compensation of Naf 0.35 per kilometer. The employee must register all trips he makes to be
able to determine which kilometers were business related and which kilometers were private.
Which cars are considered to be passenger cars?
Passenger cars are also jeeps and pickup trucks, both the types with a double cabin and a
single cabin. Whenever another means of transportation is made available to an employee,
the value of the true advantage for the employee must be charged.
Depreciation
Cars diminish in value over the course of the years. You may therefore depreciate your cars.
For information on depreciation you may consult paragraph 8 Investments and purchases of
Chapter 4 Taxes.
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4.10
4.10.1 Objection
If you do not agree with the imposed tax assessment or arrangement, you may object to it.
You must submit your objection to the tax inspector within two months after the date of the tax
assessment or arrangement. In the objection you must motivate the reason for the objection.
In case it is not possible to submit a motivated objection within two months, you may submit a
so-called pro forma objection within that time period. This way you notify the tax inspector of
the fact that you object, but that you will submit the motivation for the objection at a later date.
You must submit such motivation as soon as possible. You must object in writing or by fax. If
the tax inspector receives your objection, he will confirm this receipt by mailing a confirmation.
The date of objection is of importance to both the tax inspector and the person submitting the
objection for the following reasons:
•
to determine whether the objection was received in time and
•
to determine the time period in which the tax inspector must review the objection.
The tax inspector must decide on the objection within a 9 month period.
The decision on the objection must be motivated. When the tax inspector does not issue a
decision within 9 months, you may assume that the decision was to your disadvantage.
An objection to an assessment which was imposed on you because you did not file the
required tax return will not be sustained unless it appears that the assessment is incorrect.
Objection payroll tax
Whenever you, as an employer, withheld too much payroll tax from an employee, the
employee cannot reclaim this amount from you, since you already paid the full amount to the
Inspectie der Belastingen (Internal Revenue Service). The employee can, however, submit an
objection to reclaim the amount of the overpayment. The tax inspector may contact you to
obtain additional information on the situation. You may also set up an appointment with the tax
inspector. You may send a representative.
4.10.2 Appeal
In case you do not agree with the decision of the tax inspector on your objection, you may
appeal at the Raad van Beroep voor Belastingzaken (Board of Appeal in Tax Matters). You
must appeal within two months after the date of the decision.
You may also appeal in case the tax inspector does not come forward with a decision or the
decision was not made in time. The judge can request the tax inspector to issue a decision on
the objection you submitted.
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4.11
The tax system of the Netherlands Antilles provides the tax inspector with the opportunity to
impose a fine in a number of occasions. The fines can be divided in omission fines and
offence fines.
Omission fines are subdivided in fines related to the absence of a tax return and fines related
to non-payment on tax returns. The fines related to the absence of tax returns are imposed in
case no tax return was filed or the tax return was not filed in time. The fines related to nonpayment on tax returns are imposed in case no payment was received, the payment was too
late or too little was paid.
If a tax audit proves that too little tax was declared and/or paid, a fine follows. This happens by
means of an additional tax assessment and/or a subsequent tax demand. The fine is called an
offence fine, because the taxpayer can be blamed for it. For this reason offence fines are
higher than omission fines.
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Chapter 5
Stichting Belastingaccountantsbureau
5.1
The organization of Stichting Belastingaccountantsbureau
5.2
5.3
Audit types
5.3.1 What is a tax audit?
5.3.2 Observation (WTP)
5.3.3 Special audits
5.3.4 Flash audits
5.4
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Chapter 5
Stichting Belastingaccountantsbureau
To ensure that all businesses in the Netherlands Antilles submit their tax returns voluntarily, correct,
fully and in time Stichting Belastingaccountantsbureau, hereafter called SBAB, does set up audits.
What can you, as an entrepreneur, expect of these audits? What are the procedures involved in such
audits? These are all questions that may arise when you hear about audits or are subject of such an
investigation.
In this chapter we will describe the different types of audits and the procedures involved.
5.1
Organization of Stichting Belastingaccountantsbureau
SBAB improves tax compliance with all entrepreneurs in the Netherlands Antilles. SBAB ensures that
all entrepreneurs file the required tax returns and pay their taxes. Because of this, SBAB contributes to
the realization and maintenance of common facilities, such as the infrastructure, education and health
care.
SBAB has independent and professional auditors under the guidance of a director, who reports to the
governing board of the foundation. SBAB has the following teams:
general audit teams (6 teams):
the employees of the general audit teams conduct different types of audits for different types of taxes;
payroll tax team:
this team only conducts audits with respect to payroll tax;
team FBO (facilitation of tax audits):
the employees of team FBO perform preliminary analysis’s related to audits to be conducted by the
general audit teams;
criminal and fiscal investigation team (TIO):
TIO investigates tax frauds;
team support:
this team supports the activities of all the other teams. This team includes the personnel department,
the (financial) administration, staff development and ICT.
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5.2
The main tasks of SBAB are:
•
to establish tax audits with respect to all country and island taxes, particularly income tax (IB),
payroll tax (LB), profits tax (WB) and turnover tax (OB) and the social insurance premiums
(AOV, AWW and AVBZ);
•
to perform tax fraud investigations at the request of the Public Prosecutor;
•
to provide information to taxpayers, mainly entrepreneurs.
5.3
Types of audits
In this paragraph we will give a short description of the different types of tax audits performed by SBAB.
The orders for establishing tax audits do come primarily from the Inspectie der Belastingen (Internal
Revenue Service). The Public Prosecutor can also order an investigation. In addition to this, SBAB
establishes tax audits based on its own findings. In this case, SBAB usually performs audits by branch.
The types of audits SBAB performs are:
•
tax audits, to be divided in full and partial tax audits;
•
observations, also indicated as WTP;
•
special audits:
-referral audits;
-branch audits;
-system audits;
•
third party audits;
•
flash audits;
•
other types of audits.
5.3.1
What is a tax audit?
A tax audit is established on the basis of one or more tax returns filed by the taxpayer. The tax auditor
checks such tax returns for correctness, completeness and timeliness. He uses the administration of
the taxpayer for his audit.
There are two types of tax audits, namely:
•
a full tax audit. These audits involve the complete administration of the taxpayer;
•
a partial tax audit. These audits focus on one or some elements of the tax return.
5.3.2
Observation (WTP)
Observation refers to watching a taxpayer running his business. The goal of an observation is to collect
current facts with respect to the taxpayer. These facts can be used in a future audit.
Examples of observations are the determination of the number of staff members a taxpayer employs or
the determination of the number of visitors at an event. Also the determination of the gross margin can
be done by means of an observation.
5.3.3
Special audits
Special audits can be subdivided in the following three types:
•
referral audits. A referral audit is an audit aimed at collecting tax data with respect to third
parties;
•
branch audits. A branch audit is aimed at obtaining branch documentation to get more
information on the characteristics of a certain branch;
•
system audits. A system audit is a specialized audit in the field of IT.
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5.3.4
Flash audits
Flash audits are audits in which the auditor the data from the administration of the taxpayer compares
with the data of third parties, collected during a referral audit.
5.4
A tax audit is as follows:
•
Telephone notice
The purpose of this telephone call is to inform the taxpayer of the scheduled tax audit (the
audit) and to agree on a starting date. Furthermore, the auditor notifies the tax payer of the
reason for the audit and the scope of the audit.
•
Announcement letter
The taxpayer is informed in writing of what was agreed upon during the telephone
conversation. In addition to this, the auditor provides a list of documentation required for the
audit.
•
Opening meeting
The purpose of the opening meeting is to become familiar with the company of the tax payer
and with the way the administration is kept. If necessary, practical work arrangements are
made.
•
Audit
The auditor will review the (financial) administration and all documentation related to the
(financial) administration.
•
Interim meeting (optional)
In spite of the preparations for the audit and the opening meeting, an interim meeting may be
necessary to clarify things.
•
Final meeting
In most cases the auditor discusses the findings of the tax audit with the taxpayer and/or his
consultant. This meeting is usually conducted on the basis of a memorandum.
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•
•
draft final report
The auditor writes a draft of the final report based on the audit findings and what was discussed
during the final meeting. This draft report is sent to the taxpayer, who is invited to respond to it.
final report
The auditor includes the responses of the tax payer in the final report. Copies of the final report
are mailed to the taxpayer and the tax inspector.
Tip!
Keep your administration up to date, pay your taxes in time and file your tax return correct, in full and on
time. In that case you do not need to fear a tax audit. Furthermore, a taxpayer (customer) who behaves
well can also be helped well.
In case you have any questions you can always get in touch with SBAB. You may find the address and
phone number in the list with most important addresses and phone numbers in the back of this manual.
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Chapter 6
Social insurances
6.1
6.2
6.3
6.4
Social insurances
6.4.1 General old age insurance (AOV)
6.4.2 General widows, widowers and orphans insurance (AWW)
6.4.3 General insurance for extraordinary medical expenses (AVBZ)
6.5
6.5.1 Health insurance
6.5.2 Accident insurance
6.6
Cessantia regulation
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Chapter 6
Social insurances
In this chapter a description is given of the social insurances that are import for entrepreneurs.
The Sociale Verzekeringsbank (SVB) in the Netherlands Antilles is the organization in charge of almost
all social insurance laws. In addition to this, the SVB provides recommendations on new bills, initiates
plans to increase premiums and decides on objections.
6.1
Social insurances are obligatory insurances. They cover certain events. One must pay premiums which
are income related.
Social insurances can be divided in 2 types of insurances, namely:
•
general social insurances, and
•
employee insurance schemes.
Attention!
Social insurances are not the same as social services. Social services are supplied by the Dienst
Sociale Zaken (Department of Social Services) and available to everyone. One does not need to be
insured for social services. For example: a PP-card.
In the Netherlands Antilles we have the following social insurances:
•
AOV:
general old age insurance;
•
AWW:
general widows, widowers and orphans insurance;
•
AVBZ: general insurance for extraordinary medical expenses, carried out by Bureau
Ziektekosten Voorziening (BZV).
The characteristics of these insurances are as follows:
•
they are available to the whole population, and
•
the premiums are paid by those who generate an income.
The employee insurance schemes in the Netherlands Antilles are:
•
ZV:
health insurance;
•
OV:
accident insurance;
•
CR:
the Cessantia regulation.
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The characteristics of these employee insurance schemes are as follows:
they are only available to employees (with the exception of the health insurance), and
the premium is, in theory, paid by the employer. Part of the premium of the health insurance is,
however, paid by the employees.
In the following paragraphs of this chapter we will give more detailed information on the social
insurances and employee insurance schemes.
6.2
Each employer must be registered with the SVB. This is important to be able to exercise the rights of an
employer. In addition to this, it is important because registration with the SVB protects the rights of
employees.
If you wish to register with the SVB you must set up an appointment with the afdeling Inschrijvingen
(Department of Registrations) of the SVB. You must identify yourself at the counter Aangifte /
Registratie Werknemers / Werkgevers (counter 5, main building at the Pater Euwensweg 9). You may
set up an appointment between 08.00 a.m. and 12.00 a.m. An appointment is necessary to prevent
long waiting lines. In general, an appointment with a starting entrepreneur lasts for approximately one
hour. If you have experience with registering, it may take less time.
You must bring the following items to register yourself:
•
a copy of your registration with the Kamer van Koophandel (Chamber of Commerce);
•
the bank account number of the company;
•
a list with the personal details of your employees;
•
the ID of the person who is authorized to sign on behalf of the company (if you send a
representative, he or she must submit a letter stating that you authorize this person to
represent the company);
•
a copy of the approved statutes of the company (if applicable);
•
the ID of the owner of the sole proprietorship;
•
the CRIB number of the company.
The day of the appointment you will speak with an employee of afdeling Inschrijvingen (Department of
Registrations). In case you have not received your CRIB number yet from the Inspectie der Belastingen
(Internal Revenue Service) you will be registered, but not yet incorporated in the data files of the SVB.
You must pass on your CRIB number to the SVB as soon as you receive it.
When all documents are present, your company is included in the data files of the SVB. Also, the
danger classification of your company is determined.
In addition to this, you will receive an explanation of the required declaration forms, registration forms
and the way you are expected to pay the premiums AOV/AWW, ZV/OV and Cessantia.
You will receive a confirmation report (affirmative report) of the recording of your company in the data
files of the SVB. With this confirmation report you can pick up the sickness and accident report cards at
the information counter.
6.3
As an entrepreneur you will run into changes. If something changes in your company you must fill in a
mutation form and deliver it to the SVB.
You must pass on changes in the following situations:
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•
•
•
•
•
hiring new personnel;
laying off personnel;
if you don’t have employees anymore;
other changes in personnel;
closure of the company (otherwise you will remain liable for premiums).
If you close your company, you must submit proof of deregistration from the data files of the Kamer van
Koophandel (Chamber of Commerce) to the SVB. This is not applicable to the practitioners of free
professions united in a partnership. In that particular situation a letter must be sent which explains that
the partnership has been dissolved or no longer employs personnel.
If you change legal forms, for example you convert a close corporation into a public corporation, you
must first deregister the old company before registering the new company.
6.4
Social insurances
In this paragraph we will first give a short explanation of the AOV, followed by the AWW and finally the
AVBZ.
6.4.1
General old age insurance (AOV)
The implementation of the AOV is a task of the SVB. The purpose of the AOV is offering an insurance
against the financial impact of growing older by means of paying a basic provision. This benefit starts
when a person, who is insured for the AOV, turns 60 years of age.
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Who are insured for the AOV?
Everyone who is a resident of the Netherlands Antilles is, in theory, insured for the AOV.
Employees, employers, self-employed people, but also housewives, unemployed people and students
are insured for the AOV. It does not make a difference which nationality you have and whether you
enjoy an income or not.
Insured for the AOV are:
•
residents of the Netherlands Antilles, or
•
taxpayers for the income tax, who perform work in the Netherlands Antilles, or
•
employees sent abroad by the Netherlands Antilles (for example employees of the Antilles
house), or
•
foreign employees, who perform work in the Netherlands Antilles and are liable to pay income
tax in the Netherlands Antilles.
The following conditions apply to obtain AOV benefits:
•
the applicant must have reached the age of 60, and
•
the applicant must have been insured for the AOV during a certain period (between 15 and 60
years of age).
Example
Ana Silva was born in 1960. Her insured period starts in 1975, when she turns 15 years old.
Application procedure AOV
If you wish to qualify for AOV benefits, you must submit a claim to the SVB. The forms to claim AOV are
only available at the SVB. After you hand over the form to the SVB, the data are verified with Kranshi
(the Registry Office).
You must bring the following items when submitting your claim form:
•
in case you are married, your marriage certificate, and
•
your ID (sedula) or passport.
When all data are received, the process to provide you with AOV benefits can start. Important is the
moment you turned in your request for AOV benefits. AOV benefits start from the first day of the month
after the month in which you turned 60 years of age. Preferably you submit your claim for AOV benefits
six months before you reach the age of 60. If you submit your claim in time, your AOV benefits can be
paid in time as well.
Example
Mai turns 60 years old on 14 June 2009. She has been insured for AOV and submits a claim for AOV
benefits on 14 January 2009. She receives her AOV benefits as of July 2009.
If you submit your application years after you turn 60 years of age, in theory only one year will be paid
retroactively.
Example
Dani turned 60 years old on 2 January 2002. He has been insured for AOV and submits a claim for
AOV benefits in March 2009. He receives only one year of AOV benefits retroactively. Dani thus
receives AOV benefits as of April 2008 instead of as of February 2002.
AOV benefits
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The SVB pays AOV benefits on a monthly basis into a bank account indicated by you. You are advised
to promptly inform the SVB of any changes in your bank account. If you stay abroad and your AOV
benefits must be made to the foreign country, the costs involved are deducted from the AOV benefits.
Christmas benefit
If in the month of September you are entitled to AOV benefits, you are also entitled to the Christmas
benefit. This is an annual benefit of 100% of your AOV benefit. The Christmas benefit is paid in the
month of December.
Termination of AOV benefits
AOV benefits stop when the person entitled to these benefits dies or the benefits stop because of
revocation. It is important that you inform the SVB as soon as possible of the death of your spouse or
one of your parents - provided that they received AOV benefits. If the widow or widower is younger than
60 years of age, he or she can appeal to the Landsverordening Weduwen- en Wezenverzekering
(AWW) (Country Regulation on Widows, Widowers and Orphans).
For further information on the AOV you can get in touch with the SVB.
6.4.2
General widows, widowers and orphans insurance (AWW)
The purpose of AWW is offering an insurance against the financial impact of the death of the wage
earner.
Everyone by the age of 15 years or older who is a resident of the Netherlands Antilles and all nonresidents of the Netherlands Antilles who pay income tax, are insured for the AWW.
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The system is very similar as the system for the AOV. For children, however, certain special conditions
apply, such as:
•
if the child does not carry the family name of the father, the child must live with the father or a
certificate of child care or a sentence from a judge ordering child care must be present.
th
•
from the child’s 15 birthday until the age of 25 years, a statement of school attendance must
be submitted annually.
You are advised to contact the SVB prior to submitting an application for AWW benefits for a more
detailed explanation of the conditions.
To be clear: children from 0 up to and including 14 years of age are always entitled to AWW benefits, if
the conditions are met.
The AWW premiums are coupled with the AOV premiums. The percentage for AWW amounts to 1%.
The AOV percentage for the year 2009 amounts to 13%. AOV and AWW premiums are paid together in
one amount.
For further information on the AWW you can get in touch with the SVB.
Premiums AOV/AWW
The premium is levied by the Inspectie der Belastingen (Internal Revenue Service). The premium
percentage amounts to 6% of the employee’s wages for the employee and to 7% of the employee’s
wages for the employer, thus 13% in total and must be paid monthly by the employer. The employer
th
must pay the premiums by the 15 of each month, at the latest. Legally, the collection of the AOV and
AWW premiums must be done by the SVB. Every day practice is that the premiums are paid at the
Landsontvanger (Country Collector). Every year a new maximum amount of wages for AOV and AWW
premiums is determined.
6.4.3
General insurance for extraordinary medical expenses (AVBZ)
What is AVBZ?
AVBZ is a social insurance which covers the medical costs of medical risks which are not covered
under medical insurances of the employees, such as the ZV. It concerns chronic diseases, which lead
to invalidity.
Who are insured for AVBZ?
Insured for AVBZ are those who are:
•
residents of the Netherlands Antilles;
•
non-residents, but subject to payroll tax by performing work in the Netherlands Antilles.
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Premiums AVBZ
The premium is levied by the Inspectie der Belastingen (Internal Revenue Service). The premium
percentage amounts to 0.5% of the employee’s wages for the employee and 1.5% of the employee’s
wages for the employer, thus 2% in total and must be paid monthly by the employer. The employer
th
must pay the premium by the 15 of each month, at the latest, at the Landsontvanger (Country
Collector).
For further information on the AVBZ you can get in touch with the BZV.
6.5
6.5.1
Health insurance
The health insurance (Ziektekostenverzekering (ZV)) is an insurance against the consequences of
sickness of employees and their family members who are insured by the SVB. The insured person is
entitled to medical treatment and nursing and a payment to replace his or her wages, called sick pay.
Pregnancy and labor are considered illnesses under this insurance.
Every employee who is insured with the SVB must pay 2.1% of his gross wages for himself and his
family members. There is no distinction in the size of the family. The employer pays 8.3% of the gross
wages of the employee. The premium is paid monthly by the employer on the basis of a declaration.
The premium is deposited in the health insurance fund which is managed by the SVB.
The SVB pays 80% of the employee’s registered daily wages in sick pay. The employer is allowed to
pay his employees more than this 80% in sick pay during their period of illness.
The following persons are insured for health insurance (ZV):
•
employees, who do not earn more than the legally determined amount of wages (which amount
is annually adjusted by the Minister);
•
family members of the employee, if:
-they reside in the Netherlands Antilles;
-they are not entitled to any other legal insurance;
-they have not yet reached the age of 60 years;
-the employee is the wage earner.
•
former employees, if:
-they do not have any other income except for financial assistance;
-they have not yet reached the age of 60 years.
•
family members of former employees, if:
-they have not yet reached the age of 60 years;
-the former employee is the wage earner.
Employees with daily wages that exceed the legally determined maximum amount of daily wages are
excluded of the health insurance (ZV).
The director of a legal person is considered an employee and is therefore also insured for the health
insurance (ZV). He or she also qualifies for the accident insurance (OV) and the Cessantia regulation.
In the case of a director/sole shareholder he or she must have been liable for payroll tax (since 2004).
The owner of a sole proprietorship is excluded from the employee insurance schemes and the
Cessantia regulation.
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The insured person is entitled to medical treatment and nursing and a payment to replace his or her
wages, called sick pay. For a description of the coverage you can get in touch with the SVB.
The employee who becomes incapable of work due to illness is entitled to a benefit in money. The
benefit is paid starting the third day after the day the employee was registered ill. Sick pay is also paid
for the first three days if the doctor indicates that the employee must be admitted to a hospital. The first
three days are also paid as the illness lasts more than three days. Hospitalization is not necessary in
this case. The sick pay amounts to 80% of the employee’s daily wages.
Reporting the illness
The employer must submit a completely filled in sickness card to the SVB when reporting an employee
ill. The employer is obliged to stock up on sickness cards. The employer fills in various employee data
on this sickness card (amongst other things, the employee’s salary, date of employment). The foregoing
also applies when a female employee takes maternity leave.
Pregnancy
A female employee is allowed to take maternity leave because of her incapability to work due to her
pregnancy. Maternity leave is given to guarantee the safety, health and well-being of the female
employee and her unborn child. Maternity leave is available from 4 weeks up to a maximum of 6 weeks
prior to the expected labor date and from 6 weeks up to a maximum of 8 weeks after the birth of the
child. In total, the employee is entitled to 12 weeks maternity leave. Together with her doctor she
determines how many weeks to take prior to the birth of the child and how many weeks to take after the
birth of the child, bearing in mind the minimum and maximum requirements as outlined before.
When the child is born prior to or later than the scheduled labor date
If the real period of pregnancy is shorter or longer than the expected period, because the child was born
earlier or later than the expected labor date, this has no impact on the period of maternity leave. The
date of birth might cause the true duration of the maternity leave to be more or less than 12 weeks.
Example 1 (early labor; less than 12 weeks maternity leave):
-expected labor date: 16 February
-choice of the female employee: maternity leave 4 weeks in advance (as from 19 January)
-real labor date: 8 February
-right to eight weeks maternity leave as from 8 February up to 5 April
Explanation: the female employee decided to take 4 weeks of maternity leave prior to the expected
labor date. Labor, however, takes place one week earlier than the expected labor date. The days or
weeks that weren’t used prior to the real labor date may not be added to the maternity leave after the
birth of the child, since the maternity leave after the birth of the child may not exceed 8 weeks. Because
of this, the total maternity leave of this employee amounts to only 11 weeks in total.
At the start of the maternity leave (which date may be determined by the female employee) the number
of weeks up to the expected labor date must be determined. This must be done by the general
practitioner, the obstetrician or the medical specialist. Is this period 6 weeks, then the employee has the
right to another 6 weeks of maternity leave after the birth of the child. Is this period 5 weeks, then the
employee has the right to another 7 weeks of maternity leave after the birth of the child. Is this period 4
weeks, then the employee has the right to another 8 weeks of maternity leave after the birth of the child.
The female employee is not allowed to take less than 4 weeks of maternity leave prior to the scheduled
labor date, causing the maternity leave after the birth of the child to be 8 weeks at the maximum.
Example 2 (early labor; less than 12 weeks maternity leave)
-expected labor date: 1 July
-choice of the female employee: maternity leave 5 weeks in advance (as from 27 May)
95
-real labor date: 24 June
-right to seven weeks maternity leave as from 24 June up to 12 August
Explanation: the female employee has decided to take 5 weeks of maternity leave prior to the expected
labor date. Maternity leave after the birth of the child amounts therefore to 7 weeks. Labor, however,
takes place one week earlier than the expected labor date. In this case, the female employee still has
the right to only 7 weeks of maternity leave after the birth of the child. The week which was lost prior to
the birth of the child may not be added to the maternity leave after the birth of the child.
Example 3 (late labor; more than 12 weeks maternity leave)
-expected labor date: 19 October
-choice of the female employee: maternity leave 6 weeks in advance (as from 7 September)
-real labor date: 27 October
-right to six weeks maternity leave as from 27 October up to 8 December
Explanation: the female employee has decided to take 6 weeks of maternity leave prior to the expected
labor date. Labor, however, takes place one week after the expected labor date. The woman is still
entitled to the 6 weeks of maternity leave after the birth of the child. In this case the total period of
maternity leave amounts therefore to 13 weeks.
The legal minimum duration of the maternity leave is a legal right. The employer may not interfere with
this legal right to the disadvantage of the female employee. Employer and employee may, however,
mutually agree on a longer period of maternity leave.
6.5.2
Accident insurance
The accident insurance (Ongevallenverzekering (OV)) is an insurance for employees who become
incapable for work or need medical treatment due to an industrial accident. An industrial accident is a
sudden event coming from outside the body of the employee while he is performing his job. An accident
on the way to or from work is also considered an industrial accident if the employee took the shortest
route. An employee who becomes incapable for work by an accident not being an industrial accident
may claim, if insured, sickness benefits from the health insurance (ZV).
As was described in the part on health insurance (ZV), the accident insurance (OV) is also available for
the director/sole shareholder of a legal person, since he or she is considered to be an employee of the
legal person. He or she also qualifies for the employee insurance schemes and the Cessantia
regulation.
The groups of employees who are not insured for the accident insurance (OV) are:
•
those who personally perform work as a contractor and are considered employers by the SVB;
•
parents and children living with the employer, unless they are employed and receive the usual
wages*;
•
house staff.
*) Usual wages are the wages which are generally paid for a certain type of job and level of education.
The employee who is partially or wholly incapable to work because of an accident is entitled to a benefit
in money. The benefit is called accident money. Starting the day after the accident was reported at the
SVB, the employee is entitled to accident money. If an accident is reported on a Friday, the employee
only has the right to accident money starting on the Saturday, if he actually was supposed to work on
that Saturday.
The employee must ask his employer for an industrial accident form. The employer has a payment duty
to the employee (if the employee is entitled to accident money). The SVB compensates the employer if
he paid an employee accident money.
Accident money in case of full incapacity to work amounts to:
96
•
100% of the daily wages during the first year;
•
80% of the daily wages during the next years.
In case of partial incapacity to work, accident money is paid based on the rate of incapacity.
Every year, the maximum amount of accident money changes. The change depends on the annual
amount of wages for social insurances.
To cover the costs from the accident insurance, the employer must pay a monthly premium to the SVB.
The monthly premium is based on the danger classification of the company. Each danger classification
has its own percentage. The danger class decision contains a list of 191 different types of companies.
These companies have been classified in ten groups. The danger class percentages vary between
0.5% and 5%.
When registering a company, the danger classification of the company is determined. If a company is
considered to be a high risk company, the percentage is higher. Thus, a company that works with
chemical products is a high risk company and, as a result, is ranked in a higher danger class. The
premium is calculated as a percentage of the daily wage of the employee and is paid monthly on the
basis of a declaration. The premium is deposited into the accident fund, which is managed by the SVB.
6.6
The Cessantia regulation
The Cessantia regulation is a one time only lump sum payment to the employee upon involuntary
dismissal. This insurance gives the employee the right to a one time only lump sum payment, which is
dependant on the duration of the employment and the final wages. Payment of Cessantia is generally
done by the employer. The SVB only pays, and only up to a certain maximum amount, in case the
employer goes bankrupt or a judge orders suspension of payments. In case the employer is not able to
make the Cessantia payments, but has not yet gone bankrupt or has not yet been granted suspension
of payments, the SVB may nevertheless decide to make the Cessantia payments.
The Cessantia payment amounts to:
•
for the first full year of employment up to and including the tenth full year of employment: one
week wages per year of employment;
•
for the eleventh full year of employment up to and including the twentieth full year of
employment: one and a quarter times a week’s wages per year of employment;
•
for the next full years of employment: twice a week’s wages per year of employment.
For the calculation of the Cessantia payment you can get in touch with the SVB.
For Cessantia payments it makes no difference whether the employee is employed indefinitely or works
on the basis of a temporary contract, for more than one year. A period of more than six months after the
first year of employment is considered a full year of employment.
The employment is considered continuous in the following cases:
•
whenever there are several successive periods of employment between the same parties with
interruptions of less than a month;
•
whenever an employee was employed by different employers belonging to the same group of
companies or which were each other’s successor;
•
in case of reinstatement of employment. This is the case when an employee is dismissed, but
challenges this decision in court and the judge rules to his advantage.
The employee must submit his request for the Cessantia payment within one year after the involuntary
dismissal, otherwise his right to the Cessantia payment becomes barred.
97
No Cessantia payment has to be made to an employee who receives a pension upon termination of his
employment, which exceeds the legal retirement benefit amount.
If the legal retirement benefit is deducted from the pension amount, the employee is not entitled to a
Cessantia payment if the pension exceeds twice the amount of the legal retirement benefit.
Upon death of the employee, the relatives of the employee are not entitled to the Cessantia payment. If,
however, an (ex) employee was already entitled to the Cessantia payment, the relatives of such (ex)
employee may claim the Cessantia payment upon the death of this employee.
The employer is legally obliged to pay a contribution of Naf 40.- for each employee to the SVB in the
month of June of every calendar year, at the latest.
98
Chapter 7
Dienst voor Arbeidszorg (Labor Services)
7.1
What is the Dienst voor Arbeidszorg (Labor Services) (DAZ)?
7.2
Who is the DAZ intended for?
7.3
7.4
7.5
How to pass on changes to the DAZ?
7.6
Tasks of the DAZ
99
Chapter 7
Dienst voor Arbeidszorg (Labor Services) (DAZ)
This chapter describes the Dienst voor Arbeidszorg (Labor Services) (DAZ), the tasks of the Dienst
voor Arbeidszorg (Labor Services) and the things each entrepreneur must consider with respect to
labor.
7.1
What is the Dienst voor Arbeidszorg (Labor Services)?
The DAZ is aimed at the protection of the rights and duties of employees. This is effectuated by the
offering of customer-oriented services and the implementation of audits. These audits focus on the
labor market and labor matters.
7.2
Who is the DAZ intended for?
The DAZ is an organization for both employers and employees. Each entrepreneur must register his
business and staff with the DAZ. Employees may appeal to the DAZ if they run into involuntary
dismissal, working conditions which do not meet the requirements, etc.
7.3
As soon as you start a business you must register your business with the DAZ. You must report to the
afdeling Bedrijfsregistratie (Department of Business Registration) of the DAZ. The legal form of your
business is not important. Each registration costs Naf 50.-. After registration you receive a labor
register.
To register, you must submit - depending on the legal form of your business - the following data:
Businesses without legal personality, such as a sole proprietorship, a firm, a partnership, etc.:
•
ID (sedula, driver’s license, passport) of the owner (or owners) of the business;
•
an extract of the registration with the Kamer van Koophandel (Chamber of Commerce);
•
a certificate of registration with the SVB;
•
the establishment license for the business.
Businesses with legal personality, such as the close corporation and the public corporation:
•
ID (sedula, driver’s license, passport) of the director(s);
•
the statutes of the company;
•
an extract of the registration with the Kamer van Koophandel (Chamber of Commerce);
•
a certificate of registration at the SVB;
•
an establishment license for the company;
•
a certificate of registration with the Inspectie der Belastingen (Internal Revenue Service).
7.4
A labor register is a register in which the following data with respect to your staff must be mentioned:
•
the number of employees;
•
the daily working hours;
•
the total number of working hours per day/per week.
You must also mention information of your company on this labor list. The purpose of this list is that you
post the list in a convenient place in your company. In case the DAZ performs an audit of your company
it will be immediately clear how much staff you have employed and in which positions.
100
7.5
How to pass on changes to the DAZ?
You must pass on the hiring or dismissal of an employee to the DAZ within a 48 hour time period.
Changes in wages must be passed on to the DAZ by the 15th of each month. This concerns changes in
wages which took place the previous month. You must pass on the changes by the use of a separate
declaration form.
7.6
Tasks of the DAZ
The DAZ is, amongst other things, responsible for:
•
development of policies and consulting in the field of employment;
•
supervision of the labor market and the labor market ratios.
Furthermore, the DAZ is active in the following fields:
•
measures to stimulate employment;
•
employment;
•
terms of employment;
•
labor conditions.
The DAZ offers the following services and products:
Measures to stimulate employment
•
policies to stimulate employment;
•
register of employees;
•
recommendation on permits for temporary employment agencies;
•
legislation with respect to the stimulation of employment.
101
Employment
•
policies on employment;
•
labor register;
•
company register;
•
labor market research reports;
•
implementation Eilandsbesluit Arbeid Vreemdelingen (work permits);
•
legislation products with respect to employment;
•
information products on employment.
Terms of employment
•
monitoring of legislation on terms of employment;
•
research reports;
•
legislation products with respect to terms of employment;
•
information products on terms of employment.
Labor conditions
•
monitoring of safety regulations;
•
legislation products with respect to labor conditions;
•
information products on labor conditions.
102
Chapter 8
Dienst Economische Zaken (DEZ) (Department of Economics)
8.1
E-fondo regulation
8.2
ADA regulation
8.3
Faston regulation
8.4
103
Chapter 8
Dienst Economische Zaken (DEZ) (Department of Economics)
The Dienst Economische Zaken (DEZ) (Department of Economics) has a number of regulations
available to the medium and small sized companies on Curaçao. The purpose of these regulations is to
stimulate medium and small sized companies at the start of their business. Hereafter follows a
description of these regulations.
8.1
E-fondo regulation
E-fondo is a subsidy for the purchase of computers and such (ICT hardware and software) for small
entrepreneurs. For further information we refer you to paragraph 11.2.4.
8.2
ADA regulation
The ADA regulation (Ayudo den Atministrashon pa Empresa Chiki) gives small entrepreneurs the
possibility to have a third party do their bookkeeping. This third party is a competent person or
organization that has been registered with the Kamer van Koophandel (Chamber of Commerce), such
as an accountant or an administrative office. The accountant or the administrative office does set up the
books of the company and does keep those books on a monthly basis. The ADA regulation is free of
charge and does not have to be paid back.
Keeping an orderly administration includes:
•
maintaining payroll, accounts receivable, accounts payable and cash records;
•
calculating and possibly payment of taxes (amongst other things, payroll tax and turnover tax);
•
calculating and possibly payment of social premiums and premiums for medical expenses;
•
posting the journal entries on a regular and correct basis
•
preparing the annual accounts;
•
preparing the profits tax return;
•
preparing the income tax return.
104
Only small entrepreneurs qualify under this regulation. Their company must meet the following
requirements:
•
the business must be established on Curaçao;
•
the business must be registered with the Handelsregister (Trade Register) of the Kamer van
Koophandel (Chamber of Commerce) as a sole proprietorship, a partnership, a firm, a limited
partnership, a close corporation or a public corporation;
•
the business must employ less than 10 employees;
•
the business must not have more than Naf 500,000.- in turnover per year;
•
the business must be aimed at making a profit;
•
the business must be in trade, industry, service, agriculture, livestock farming or fishery.
The maximum amount of the subsidy is Naf 3,000.- per business. The amount is spread out over a 6 to
15 months period. The maximum amount per month is Naf 200.-. The regulation is valid for 1 year and
must be applied for in the year the business was started.
The application form must be submitted to the afdeling Handelsinformatie (Department of Trade
Information) of the Kamer van Koophandel (Chamber of Commerce). The application must meet the
following requirements:
•
the application form is fully completed and signed by the entrepreneur and the administrator
•
a copy of the ID of the entrepreneur or director must accompany the application form;
•
a copy of the required establishment license of the close or public corporation must accompany
the application form;
•
copies of certificates or diplomas of the entrepreneur of training courses in the field of
management and/or administration must accompany the application form. These certificates or
diplomas may not be older than 2 years. The entrepreneur may be exempt by the Commission
if he or she proves to have sufficient knowledge on how to conduct a business or has received
enough education in this field.
The application form with the appendices may be submitted to the Kamer van Koophandel (Chamber of
Commerce), Korpodeko and the Dienst Economische Zaken (DEZ) (Department of Economics).
The Commission is comprised of representatives of DEZ, Korpodeko and the Kamer van Koophandel
(Chamber of Commerce). Within two weeks, the Commission decides on the application. The
entrepreneur will receive the decision in writing. The administrative office receives a copy of the
decision.
105
8.3
Faston regulation
The purpose of the Faston regulation (facility starting entrepreneurs) is to stimulate the quantity and
quality of starting entrepreneurs. The Faston regulation is as follows:
•
a donation to strengthen the equity of the business. If necessary, followed by a course related
to entrepreneurship;
•
a donation for each new initiative related to strengthening the equity of the entrepreneur up to a
maximum amount of Naf 15,000.- per initiative;
For each new initiative a donation of Naf 15,000.- may be given to the entrepreneur. The entrepreneur
must, however, first put up 10% of the total investment sum (total loans plus equity). The minimum
amount of this input must be Naf 2,000.-.
The definition of a starting entrepreneur is a new entrepreneur who starts a new activity for his account
and risk. The entrepreneur must work a minimum of 15 hours per week in his business.
There is special attention for starting entrepreneurs from the group “yu di Korsow” and for the
entrepreneurs who wish to start their business in tourism, ICT and export, or as a professional
(plumber, electrician, carpenter).
The conditions to qualify for the Faston regulation are:
•
there must be a good business plan;
•
the entrepreneur must have sufficient education or experience to be able to conduct his own
business;
•
there are not enough own financial resources available to be able to obtain credit from the
regular (commercial) banks;
•
the donation may not be used to pay off debts with the bank and/or other third parties;
•
the expectations for the development of both the business plan and the entrepreneur must be
good;
•
the entrepreneur must put up a minimum of Naf 2,000.- in equity;
•
the business may not have been registered with the Kamer van Koophandel (Chamber of
Commerce) for more than 6 months;
•
the entrepreneur is not allowed to run any other business at the time of the application;
•
the entrepreneur must be a Dutchman born in the Netherlands Antilles or must have been
admitted rightfully to Curaçao.
The following conditions may be applicable for obtaining a donation to follow training with respect to
entrepreneurship:
•
a personal contribution of at least Naf 2,000.-. Any fee in excess of Naf 2,000.- is subsidized by
50%;
•
upon completing the training successfully, this subsidy may be raised to 75% or 100%. There is
a 100% subsidy up to an amount of Naf 1,000.-. Everything exceeding this amount will be
subsidized for 75% with a maximum of Naf 2,500.- per initiative.
The use of this regulation is free of charge. Within the directives, Korpodeko decides whether a
donation or an education subsidy can be granted. The regulation can be requested in writing with
Korpodeko.
8.4
Besides the above regulations there are two other regulations entrepreneurs may qualify for. Because
these regulations are only applicable to a restricted number of people, this manual will not discuss
these regulations but will only mention them. For further information on these two regulations you can
get in touch with the agencies concerned.
106
The other regulations are:
Regulation Ceramics Sector
The purpose of this regulation is to stimulate the quantity and the quality of entrepreneurs in the
ceramics sector. The target group concerns entrepreneurs who work a minimum of 15 hours per week
in the business. The regulation is carried out by the Kamer van Koophandel (Chamber of Commerce),
Dienst Economische Zaken (DEZ) (Department of Economics) and Korpodeko.
PSNA (Programma Samenwerking Nederlandse Antillen)
The purpose of this regulation is the promotion of the commercial cooperation between international
and Antillean companies. The target group of this regulation concerns international and Antillean
companies who wish to cooperate with each other.
The implementation agencies are the EVD and the Kamer van Koophandel (Chamber of Commerce).
107
Chapter 9
Licenses
9.1
9.1.1 Ground plan
9.2
9.3
Licenses based on the Country Regulation on Licenses (Vergunningslandverordening)
9.4
Import license
9.5
Dispensation from the Shop Trading Hours Act (Landsverordening Winkelsluiting)
9.6
9.7
108
Chapter 9
Licenses
9.1
For protection the existing trade, each application for a permit to establish a business is reviewed
substantively. The review concerns the general public interest of the island, the importance of the public
rest and the importance of the public safety. The Kamer van Koophandel (Chamber of Commerce) acts
as an advisory body looking at the interest of the entrepreneur and the interest of the island.
Every natural person of age and every legal person needs a permit to establish a business on Curaçao.
Every person who accepts the position of director, but was not born in the Netherlands Antilles, also
needs a director permit.
Application for a permit to establish a business can be done both in writing and in person at the Dienst
Economische Zaken (DEZ) (Department of Economics). The application must be complete to be
handled. This means that all relevant documents must be submitted together with the application form.
When submitting a new application, you must mention the following in the application form:
•
the activities of the business;
•
the (establishment) address of the business;
•
information on the financing of the business:
-the investment capital;
-the statutory capital;
-the composition of both.
•
personal details of the shareholder(s);
•
personal details of the director(s).
With each new application you must also submit the following documents:
•
the application form;
•
receipt stamps:
-Naf 5.- for each separate application;
-Naf 5.- for each permit;
•
a copy of a valid passport or ID of the director(s) and:
-a copy of the most recent resident permit for a certain or an indefinite time period or
“a declaration by right”, in case the director is not a person of age born in the Netherlands
Antilles;
-a copy of the present declaration that the Country Regulation on Admission and Eviction
(Landsverordening Toelating en Uitzetting) is not applicable in the case of persons of age not
born in the Netherlands Antilles;
•
a copy of the certificate of residence (Bevolkingsregister) (proof of address);
•
a copy of the proof of address abroad in case of foreigners without any valid admission
(established abroad).
•
ground plan from the Kadaster.
To be complete: additional documents are necessary when the application concerns the hotel and
catering industry or the medical sector.
109
When reporting changes all necessary documentation must be submitted with the application.
9.1.1
Ground plan
You require a ground plan when establishing a business. A ground plan is a plan of the surroundings
where the business will be situated. You may obtain a ground plan from the Kadaster.
You can register your business with the Kamer van Koophandel (Chamber of Commerce) with a copy
of the application form. After the Kamer van Koophandel (Chamber of Commerce) and possibly the
DROV (Dienst Ruimtelijke Ontwikkeling enVolkshuisvesting) have given their positive advice to the
Dienst Economische Zaken (DEZ) (Department of Economics), you will receive - after the signature of
the Gezaghebber - an arrangement from the Dienst Economische Zaken (DEZ) (Department of
Economics).
The procedure to obtain a permit to establish a business usually takes 8 to 10 weeks.
It is also possible that the notary public (against payment) requests the permit to establish a business
for you after the signing of the establishment certificate.
9.2
In case your business may cause danger, damage or nuisance to the environment, you need a license
based on the Public Nuisance Act (Hinderwetverordening). The license can be applied for at the
Milieudienst (Environment Office) at Groot Davelaar. The application must be addressed to the
Bestuurscollege (Board of Directors) of the Eilandgebied Curaçao. The application must include your
personal details. With the application you must submit, in quadruple, a your business plan and the
ground plan. You must pay a certain amount to the Eilandontvanger (Island Collector) prior to the
publishing of your application in the newspapers. You must include a copy of proof of payment with the
application.
9.3
Licenses based on the Country Regulation on Licenses (Vergunningslandverordening)
Licenses based on the Country Regulation on Licenses (Vergunningslandverordening) are necessary
for:
•
food and drinking establishments;
•
hotels and pensions;
•
liquor stores and wholesalers in alcoholic beverages.
You must submit your application to the Bestuurscollege (Board of Directors) of the Eilandgebied
Curaçao. In the application you mention the personal details of the applicant and the details of the
business you request the license for.
The following conditions are in place for these types of companies:
•
a declaration from the Hygiënische Dienst (Department of Hygienics) of the GGD;
•
a registration of the company and its personnel with the Hygiënische Dienst (Department of
Hygienics)of the GGD;
•
a health declaration for all personnel who are directly involved with food and drinks.
Attention!
Every 6 months you need a new declaration!
110
For the sale of alcoholic beverages outside the town district you also need a license from the Customs.
9.4
Import license
You require an import license from the Departement van Economische Zaken for the import of certain
goods. An exception applies to the import of goods for private use.
With the application you must submit the following documents:
•
an extract of the registration with the Handelsregister (Trade Register) of the Kamer van
Koophandel (Chamber of Commerce);
•
a copy of the permit to establish a business (if applicable).
For goods that require an import license or for which certain conditions apply, there may be more
detailed requirements. For information on the import license you can get in touch with the Departement
van Economische Zaken, section import regulations.
111
9.5
Dispensation from the Shop Trading Hours Act (Landsverordening Winkelsluiting)
In the Shop Trading Hours Act (Landsverordening Winkelsluiting) is described that all shops may be
open on all weekdays, except for Sundays and public holidays, from 6.00 a.m. till 24.00 p.m. The
following shops, however, may be opened after 24.00 p.m., on Sundays and public holidays as well:
•
pharmacies;
•
hotels;
•
restaurants;
•
bars;
•
shops for car and engine components;
•
shops for the sale of bread and fresh milk products;
•
undertaker’s businesses.
On all Saturdays and every other working day prior to a public holiday, every shop may be opened from
08.00 a.m. till 20.00 p.m. For certain periods different opening hours apply. This is the case in the time
period of Sinterklaas and Christmas. If you wish to open your shop outside the normal opening hours,
you may submit a request for temporary dispensation at the Dienst Economische Zaken (DEZ)
(Department of Economics). Reasons for this request can be:
•
tourism;
•
actions;
•
sales.
Keep in mind that different opening hours will cause overtime or different working hours for your
personnel. You will need a separate license for this from the director of the Departement voor Arbeid en
Sociale Zaken.
9.6
As described above, you require a license if your personnel work overtime or has different working
hours. You may request the license with the director of the Departement voor Arbeid en Sociale Zaken.
Overtime compensation amounts to 150% of the gross wages on a normal working day and to 200% of
the gross wages on Sundays or holidays.
When determining wages it is important to realize that different working hours do not automatically lead
to overtime. For instance, for the hotel and catering industry a statutory regulation has been in place
with respect to different working hours. The labor regulation must, however, always be presented to the
above-mentioned department for approval.
9.7
A foreigner who wishes to work in the Netherlands Antilles, must have a resident and work permit. This
also applies to directors and/or managers. The permit must be requested at the Eilandsregering. The
application must be submitted prior to the settlement of the foreigner. Work permits are only supplied if
it is apparent that Curaçao does not have a suitable candidate. The procedure usually takes 6 to 8
weeks.
112
Chapter 10
Customs
10.1
Import
10.2
Storage
10.3
Exemptions
10.4
Transit
10.5
Objections
10.6
E-zone
113
Chapter 10
Customs
When buying and selling goods abroad you will run into Customs (Douane). Import and export of goods
will take place at an airport or a seaport.
10.1
Import
You wish to buy goods from a foreign country to sell in your own store. In that case there a number of
points you must take into account.
All goods by ship arrive on the CPS terrain at the Post Haven. The so-called fruit barkjes unload at the
Scharlookade. The goods by air arrive at Hato airport.
Goods arriving by boat or air must be declared through the use of an Enig Document (the declaration).
The person who imports goods by ship must declare these goods at the Post Haven. Air cargo must be
declared at the Post Luchthaven and the fruit barkjes must declare their goods at the Post Punda. The
importer is responsible for the imported goods. The import may be done by a Customs agent. This is a
person (or company) licensed to submit declarations. The license allows the agent to declare imported
goods for third parties. The license is submitted by the director of Customs.
A declaration must be submitted along with the following documents:
1.
completed declaration form (Enig Document). These forms are available at the offices of
Customs for Naf 0.50 a piece;
2.
the original trade invoice, not a pro forma invoice. The invoice must show, amongst other
things: the number and description of the imported goods and their prices;
3.
the bill of lading or airway bill. It must clearly specify the freight costs;
4.
the insurance papers (including the premium) of the freight.
The amount of import duties and turnover tax is calculated based on the “customs authorities value”.
The customs authorities value is the total of:
the price of the goods per the invoice
the freight costs
the insurance costs
+ the additional costs (these are the other payments which were made abroad in relation
to the goods, therefore all the other costs prior to the place of import)
Total: the customs authorities value
114
10.2
Storage
Storage of goods is limited to time. Imported goods which are not in a container may be stored during 5
working days. Imported goods in containers may be stored during a maximum of 21 calendar days on
the CPS terrain. Goods that were imported in consolidated containers will be stored in a so-called VTO
hangar. These goods are intended for several owners. The VTO hangar is not on the quay, but
elsewhere on the island. When picking up the goods, a customs servant will be present together with
the owner of the building in which the VTO hangar is located. The storage period in a VTO hangar is
limited to 30 calendar days.
Goods which are not picked up will be moved to the so-called gouvernementsentrepot. Customs do
charge rent for the storage of goods in the gouvernementsentrepot. If the importer of the goods does
not comply with the obligations (with respect to the goods), the goods may be taken into custody. If the
obligations are not met within one month after the communication of the custody of the goods, these
goods may be sold to the public or destroyed. The goods may be picked up prior to the auction date if
the owner pays the total costs.
10.3
Exemptions
If you wish to import goods from a foreign country and not pay import duties on these goods, in some
cases you will need a license. This can be a one time only license or a continuous license.
Goods which possibly qualify for a license for exemption of payment of import duties are:
•
samples of goods;
•
touristic publicity materials;
•
several goods, such as:
-machines, machine components, tools, tool components, iron work;
-workhorses;
-motor vehicles for business purposes, for agriculture, for cattle breeding etc. and for the
transportation of persons;
-fish for human consumption (living, fresh, cooled or frozen);
-packaging materials;
-raw materials;
-crude oil products.
For further information on exempt goods, the exceptions and the conditions you can get in touch with
Customs.
The law states that the license for exemption of payment of import duties must be requested prior to the
declaration of the imported goods. Every day practice is that the request for the exemption and the
declaration are submitted at the same time. The application for the license is processed as soon as
possible. On average is takes 1 to 2 working days. The application is in writing and all the necessary
documents must be included. Customs may ask for more evidence.
115
Example
When moving personal goods from the Netherlands to the Netherlands Antilles one must prove that the
party involved lived abroad and that the goods were in his or her possession and use for at least 6
months prior to the move. Examples of proof are: a lease contract, an electricity bill or an extract from
the Bevolkingsregister which shows that the applicant was registered abroad.
It is of utmost importance to the applicant that this evidence is supplied as soon as possible. As long as
the Customs servant does not receive the requested evidence, the application will not be processed.
Furthermore, the storage period elapses causing the goods to be transferred to the
gouvernementsentrepot.
10.4
Transit
Before goods can be exported, a declaration must be filed. For goods exported by ship the declaration
must be done at the Post Haven and for goods exported by plane the declaration must to be done at
the Post Luchthaven.
10.5
Objections
If you do not agree with the amount of import duties calculated or the rate applied, you can object within
6 weeks after the date of the arrangement.
If you object to the calculated amount of import duties, you nevertheless have to pay the import duties
first. You can only submit your objection after payment of the import duties. The objection must include
the reason(s) for the objection. The import documents must be included with the objection. The import
documents are described above. In the objection you must mention the registration number of the
declaration form. The Inspector of Customs will issue his motivated decision in writing by means of
certified mail or a dated receipt. If you do not agree with this decision, you may appeal within 6 weeks
to the Raad van Beroep voor Belastingzaken (Board of Appeals in Tax Matters).
10.6
E-zone
The economic area (E-zone), also called the Free zone, is one of the economic pillars of the
Netherlands Antilles. It stimulates the establishment of companies in the field of the international trade
of goods, industrial activities aimed at foreign countries or the international rendering of services. The
E-zone exports goods and renders services. The services are aimed at the electronic communication
and information for foreign customers. Goods are mainly exported (75% minimum) to foreign countries,
especially (Latin-)American countries. The goods are generally exported in large quantities.
The profit made by companies established in the E-zone with the sale of goods and rendering of
services to foreign customers is taxed with 2%.
The regular profits tax percentage amounts to 34.5% and is applicable to profit made outside the Ezone, but within the Netherlands Antilles. This therefore concerns the sale of goods and rendering of
services to national customers.
Furthermore, no import duties and/or turnover tax has to be paid for the storage of goods within the Ezone. Import duties and/or turnover tax do become payable the moment chargeable goods (and
services) enter the free market within the Netherlands Antilles.
E-zone management is done by Curinde N.V. There are two E-zones with respect to both goods and
services: the E-zone Koningplein (seaport) and the E-zone Hato (airport). There are seven E-zones
with respect to services only. The largest E-zone is e-Commerce Park (Vredenburg).
An entrepreneur who establishes his business in an E-zone, must set up his business as a company
(not as a sole proprietorship). The company does not need to be established within the Netherlands
116
Antilles. A request for establishment in the E-zone must be sent to the Dienst Economische Zaken
(DEZ) (Department of Economics). The entrepreneur must also submit a declaration of no objection
issued by Customs.
If everything is in order, the Dienst Economische Zaken (DEZ) (Department of Economics) sends the
approval to the Eilandgebied. Eventually this approval is published.
Finally we mentioned that there is an admission policy in place for the E-zone. Conditions are:
•
the company contributes to the economic development of the Netherlands Antilles;
•
the company stimulates the intake of currencies, and
•
the company promotes (directly and indirectly) employment.
117
Chapter 11
Accompanying organizations
11.1
Foundation Sedeck
11.2
11.2.4 E-Fondo (eBusiness fund)
11.3
11.3.2 What are the activities of an administrative office?
118
Chapter 11
Accompanying organizations
In this chapter a short description is given of the objectives and tasks of the following organizations:
Foundation Sedeck, Foundation Stimul-IT and the Association of Antillean Tax Consultants (Vereniging
van Antilliaanse Belastingadviseurs (VAB)). We also briefly discuss the activities of administrative
offices.
11.1
Foundation Sedeck
Sedeck is a foundation founded on 26 June 2001 by Adeck. Adeck stands for “Asosashon pa Desaroyo
di Empresarionan Chiki Korsou” (Association for the development of small entrepreneurs on Curaçao).
Adeck is an association which collectively acts in the interest of starting and small entrepreneurs. Thus
Adeck, for example, proposes changes in the law for those entrepreneurs.
Foundation Sedeck stands for “Fundashon Sentro Pa Desaroyo Di Empresa Chiki Di Korsou”
(Foundation for the development of the small businesses on Curaçao). Foundation Sedeck is a service
minded organization, which, amongst other things, occupies itself with supporting businesses in the
micro, medium and small segment on Curaçao (MMK).
Sedeck employs two staff members. In addition to this, Sedeck is assisted by students of the University
of the Netherlands Antilles (UNA). Because of this, the costs can be limited as a result of which Sedeck
is easily accessible for the MMK companies.
Foundation Sedeck has the following objectives:
•
to actively contribute to the development of individual businesses in the micro, medium and
small segment on Curaçao (MMK);
•
to directly and indirectly support the MMK;
•
to support organizations who serve the importance of MMK companies;
•
to assist the government with the policy process to support the MMK segment;
•
to cooperate with knowledge institutions to develop activities for the MMK segment.
119
Foundation Sedeck is intended for each starting and small entrepreneur who wants more information
on establishing a business. Existing companies in the medium and small segment are also welcome if
they need assistance with running their business. No conditions apply if you use the services of
Sedeck.
If you, as an entrepreneur, wish to use the services of Sedeck you can make a telephone call to the
foundation and set up an appointment.
During the first interview, a staff member of Sedeck will ask you to complete a questionnaire. Based on
this questionnaire the staff member will draft a plan with you. The intention of this plan is to get a clear
picture of the kind of assistance you want, so that the employees of the foundation can provide you with
the best possible service.
The second interview will focus on coaching you as an entrepreneur. Sedeck will give you, for example,
instructions on how to draft a business plan or with which organizations to register your company.
Example
Mr. Martijn visits foundation Sedeck, because he not does not know what steps to take to start a
business. After completing the questionnaire, Sedeck will draft a plan with Mr. Martijn. Then Sedeck will
request him to get a few things done before they will have their next conversation.
Thus Sedeck can ask him to put on paper what kind of company he exactly wishes to start and how he
thinks he can realize this.
Foundation Sedeck also offers training, which can be very important for you as an entrepreneur. The
training they offer is, amongst other things, in the following fields:
•
accounting and accountancy;
•
drafting a business plan;
•
drafting a marketing plan;
•
e-commerce;
•
financial training;
•
analysis of the location;
•
credit and collections;
•
dynamics of a family company
•
customer service;
•
recognizing and seizing opportunities.
During these training sessions guest speakers are invited to supply detailed information.
Besides training foundation Sedeck also organizes workshops.
You can participate in these training courses and workshops if you have little or no knowledge with
respect to your administration, or if you need assistance with the drafting of your business plan.
Foundation Sedeck may charge a fee.
Furthermore, foundation Sedeck can be of assistance with filling in several forms For instance:
•
the application form for the ADA regulation (Ayudo den Atministrashon). For a more detailed
explanation we refer you to the chapter on regulations and subsidies;
•
tax returns and declaration forms of the Inspectie der Belastingen (Internal Revenue Service)
and SVB.
120
For further information you may contact foundation Sedeck. You will find the address details in the
chapter on important addresses and phone numbers.
11.2
This paragraph explains the importance of foundation Stimul-IT for you as an entrepreneur. More
specifically the service to entrepreneurs in the MMK will be discussed, which is the target group of this
manual.
Foundation Stimul-IT is a foundation founded 10 years ago to stimulate ICT. ICT stands for: Information
and Communication Technology and is linked to all operations dealing with computerization, such as
purchasing a computer for your company to keep the books.
This foundation employs a couple of staff members. The foundation is accessible for everyone.
The most important objective of foundation Stimul-IT is stimulating ICT with the MMK. This is done by
offering seminars, workshops and courses. Also the supply of E-Fondo (a subsidy) is one of the tasks
of the foundation.
The foundation also offers a seminar to IT professionals, in which information is given on the latest
developments in the field of ICT.
Everyone who wishes to increase his or her knowledge on ICT is welcome at Stimul-IT. The foundation
has an informal character, as a result of which it is easy to reach. The foundation limits its costs so that
it will remain available to the MMK.
The activities of Stimul-IT exist, amongst other things, of recommending and supporting entrepreneurs.
There is an internet site available, accessible to everyone. The internet site is in Papiamentu.
Furthermore, two to three times per year a newsletter is published for entrepreneurs. This newsletter is
published in English and in Papiamentu.
In addition to this the foundation offers the following:
•
service: recommendation and support;
•
seminars: these are information meetings where entrepreneurs may receive information on
different topics, which are of importance. These seminars are free of charge;
•
e-business (ICT): this is a course where you learn how to work more efficiently;
•
courses: these are courses to obtain skills in: Microsoft Works, Microsoft Excel, Microsoft Word,
but also in Quickbooks (bookkeeping software). These courses are given on regular basis. The
course duration varies from one up to approximately four days. The costs differ per course. The
costs generally comprise of a contribution for the course materials;
•
E-Fondo: this a subsidy for the purchase of ICT equipment (see par. 11.2.4);
•
IT Professional seminar: a seminar on the latest developments in the field of ICT for
professionals, to stay up-to-date.
11.2.4 E-Fondo (eBusiness fund)
E-Fondo is a subsidy supplied by foundation Stimul-IT to businesses in the MMK segment to buy ICT
equipment, such as a computer, hardware, software and all other products related to ICT. E-Fondo is
carried out by the Dienst Economische Zaken (DEZ) (Department of Economics), Korpodeko, the
Kamer van Koophandel (Chamber of Commerce) and Stimul-IT.
121
E-Fondo reimburses 80% of the cost of ICT equipment and such to a maximum amount of Naf 5,000.-.
The entrepreneur pays 20% of the total amount. The subsidy does not have to be paid back.
Example
Ms. Martis started her company “Mi Deseo” in 2007. She kept her administration in folders. She never
wanted to use a computerized administration, but after following the e-business course at Stimul-IT, she
is eager to buy a computer. She does, however, not have the money to do so. She requests an EFondo financing at Stimul-IT. She receives an offer for ICT equipment for an amount of Naf 4,000.-.
Stimul-IT compensates 80% of this amount equaling Naf 3,200.-. Ms. Martis must pay the remaining
20% equaling Naf 800.-.
Who qualify for E-Fondo?
To qualify for E-Fondo certain conditions must be satisfied. One condition is that the company is a small
company. The most important other conditions are:
•
you must be an entrepreneur with less than 10 employees;
•
you must be an entrepreneur with a gross turnover of less than Naf 500,000.- per year;
•
you must be registered as an entrepreneur with the Kamer van Koophandel (Chamber of
Commerce) and the Inspectie der Belastingen (Internal Revenue Service) for more than one
year;
•
in case of a close or public corporation, you must have an establishment license.
You may also find these conditions on the website of E-Fondo: www.efondo.an.
Application procedure
The application procedure is as follows:
You must submit a completely filled in application form and add:
1.
an extract of the Kamer van Koophandel (Chamber of Commerce);
2.
copies of the required and received licenses;
3.
a copy of the labor register of the Dienst voor Arbeidszorg (Labor Services), in all cases except
for the situation of a sole proprietorship;
4.
the annual accounts and/or tax return of the preceding year, showing the amount of annual
turnover;
5.
a copy of the shareholders’ register, the partnership agreement and/or the certificate of the
company, if it does not concern a sole proprietorship;
6.
a minimum of three offers by suppliers mentioning: goods to be delivered, the required
insurance and the necessary maintenance plus a correct suppliers form;
7.
an IT plan;
8.
certificates and/or diplomas showing that the entrepreneur has some knowledge of the required
ICT and equipment and/or software to be bought.
For application forms and further information you may seek assistance from the following agencies:
•
Stimul-IT;
•
Korpodeko;
•
Dienst Economische Zaken (DEZ) (Department of Economics);
•
Kamer van Koophandel (Chamber of Commerce).
The application form must, in theory, be submitted at Korpodeko. The application will be reviewed
within two weeks after the receipt by a commission. This commission is comprised of representatives of
Korpodeko, Dienst Economische Zaken (DEZ) (Department of Economics), foundation Curaçao
Informatica Stimuleringsplan and the Kamer van Koophandel (Chamber of Commerce).
If you require assistance with the completion of the application you may set up an appointment with
Stimul-IT.
122
11.3
Whenever you start a business, you must comply with several requirements. You must keep your
administration correct, complete and in time. You must, amongst other things, keep cash records,
payroll records and possibly accounts receivable and accounts payable records. For entrepreneurs who
find it difficult to keep their administration there is the possibility of hiring an administrative office.
In this paragraph we roughly describe what an administrative office can mean to you.
123
An administrative office is an office which carries out certain administrative tasks for employers and
employees, especially related to taxes. An administrative office employs both bookkeeping experts and
tax consultants.
11.3.2 Activities of an administrative office
An administrative office can take over the complete processing of your administration or assist you with
adjustments.
The tasks of an administrative office are, amongst other things:
•
financial and tax services;
•
payroll administration;
•
bookkeeping services;
•
support and coaching.
An administrative office can take over the following processes:
•
keeping the accounts receivable and accounts payable records;
•
processing cash and banks data;
•
setting up of payroll records (company and staff data);
•
calculating:
-profits, income, turnover and payroll tax;
-social premiums;
-pension and medical expense premiums and such;
•
filing the obligatory returns and making the payments;
•
drafting periodic reports and annual accounts for all lines of business;
•
preparing the summary statement of wages and submitting it;
•
all other operations/services necessary to complete your administration.
Every entrepreneur who does not have the time or who has problems with setting up and keeping his or
her administration may use the services of an administrative office.
For MMK companies there is the so-called ADA regulation, which you can use in the year you started
your company. This regulation gives you the possibility to apply for a subsidy of maximum Naf 3,000.for the first year in business. The subsidy is granted by Korpodeko. For further information on this you
may consult the chapter Dienst Economische Zaken (DEZ) (Department of Economics), paragraph
Regulations and subsidies.
124
If you need help with your administration you may contact an administrative office to set up an
appointment. During the first interview you provide them with your wishes with respect to their service.
For further information on administrative offices we refer you to the telephone guide.
125
List with important addresses and telephone numbers
Adeck
Mortiersweg 5
Curaçao, Netherlands Antilles
Tel: 599 (9) 736-9365
Fax: 599 (9) 736-2374
E-mail: info@adeck.org
Internet site: www.adeck.org
Bureau Ziektekostenvoorzieningen
Kaya Charles Maduro z/n, P O box 3829
Tel: 599 (9) 737-6388
Fax: 599 (9) 737-6583
E-mail: info@bzv.an
Internet site: www.bzv.an
Curaçao Ports Authority NV (CPA)
Werf de Wilde z/n
Tel: 599 (9) 434-5999
Fax: 599 (9) 461-3907
E-mail: cpamanag@cura.net
Internet site: www.curports.com
Curinde NV
Emancipatie Boulevard 7
Tel: 599 (9) 737-6000
Fax: 599 (9) 737-1336
E-mail: info@curinde.com
Internet site: www.curinde.com
Dienst Arbeidszorg (DAZ)
Bellisimaweg 17
Tel: 599 (9) 734-1300
Fax: 599 (9) 736-8596
E-mail:dwieg@interneeds.net
dazegc@onenet.an
126
Dienst Economische Zaken
Molenplein z/n
Tel: 599 (9) 462-1444
Fax: 599 (9) 462-7590
E-mail: info.dez@curacao-gov.an
Internet site: http://www.curacao-gov.an
Douane Nederlandse Antillen (DNA)
Sha I Lio Caprileskade
Tel: 599 (9) 434-5300
Fax: 461-6557
Internet site: www.gov.an
Douane Haven
Rijkseenheids Boulevard
Tel: 599 (9) 461-6350
Fax: 599 (9) 465-0186
Douane Luchthaven
Airport Hato
Tel: 868-1326
Fax: 868-2164
Inspectie der Belastingen
Regentesselaan z/n
Tel: 599 (9) 734-2685/734-2687
Fax: 599 (9) 734-2658/736-7800
Internet site: www.belastingdienst.an
Kamer van Koophandel en Nijverheid
Kaya Junior Salas 1
Tel: 599 (9) 461-1455
Fax: 599 (9) 461-5652
E-mail:
management@curacao-chamber.an
businessinfo@curacao-chamber.an
Internet site:
http://www.curacao-chamber.an
127
Korpodeko
Korporashon pa Desaroyo di Kòrsou
Schottegatweg East 36
Tel: 599 (9) 738-1799
Fax: 599 (9) 7381766
E-mail: info@korpodeko.an
Sedeck
Mortiersweg 5
Tel: 599 (9) 736-9365
Fax: 599 (9) 736-6450
E-mail: info@sedeck.com
Internet site: www.sedeck.com
Sociale Verzekeringsbank (SVB)
Pater Euwensweg 9
Tel: 599 (9) 434-4000
Fax: 599 (9) 462-6536
E-mail: svb@svbcur.org
Internet site: www.svbna.an
Stimul-IT
Mortiersweg 5
Tel: 599 (9) 738-6299
Fax: 599 (9) 738-6298
E-mail: info@stimul-it.com
Internet site: http://www.stimul-it.com
Stichting Belastingaccountantsbureau (SBAB)
Regentesselaan z/n
Tel: 734-2400
Fax: 737-6074
E-mail: bab-adm@cura.net
Internet site: http://www.stichtingbab.com
Vereniging Antilliaanse Belastingadviseurs (VAB)
Raad van Beroep voor Belastingzaken
128

Entrepreneurship on Curaçao Manual for new and small

Transcription

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