MAJOR DEVELOPMENTS
q Legislation is being proposed to make the requirements for incentives available to retirees stricter. Although not yet officially published, it is expected that a minimum age of 50 years will be introduced and that the value of the residence (house) will be increased. Up till now, the value of the residence should be at least U.S.$135,000. It is expected that this minimum will be increased to approximately U.S.$280,000. Furthermore, it is expected that the flat
rate tax of 5% will be increased to 10% and the option to be taxed at normal rates on a fixed amount of ANG 150,000 will be changed.
q The corporate income tax for tax years 1996 on, for which tax returns must be filed in 1997 and subsequent years, is raised according to the so-called self-assessment method. The previous procedure for corporate taxation was that the company would file its tax return before a specified date in the following tax year. Following the tax return, an assessment was raised that had to be paid before another specified date.
Under the self-assessment method, corporations liable for taxes must file a corporate tax return and at the same time pay the corporate tax due. The final return must be filed along with the balance of corporate tax due within six months following the year-end.The self-assessment method does not apply to offshore companies. Offshore companies may apply the previous corporation tax system (the corporation tax being levied by way of assessment).
q Effective July 1, 1996, the Act on the General Tax on Consumer Spending entered into effect for the island territories of Curao and Bonaire. This tax is levied on certain services, deliveries of local manufactured goods, and imports.
q For the island territories of Saba, St. Eustatius, and St. Maarten, instead of the general tax on consumer spending, a turnover tax is levied as of January 1, 1997.
INCOME TAXES ON CORPORATIONS
1. Rates
The tax rates vary depending on whether a company is primarily engaged in business activities within the Netherlands Antilles (N.A.), so-called onshore companies, or outside the Netherlands Antillesso-called offshore companies. An onshore company also may qualify for special lower tax rates provided for in the various N.A. tax investment incentive schemes. The various tax rates are listed below.On-Shore Companies.
Taxable Income
Tax on Percentage
Over Not Over Lower Amount on Excess
ANG 0 ANG 40,000 ANG 0 32%
40,000 50,000 12,800 35
50,000 60,000 16,300 38
60,000 70,000 20,100 41
70,000 80,000 24,200 44
80,000 90,000 28,600 46
90,000 100,000 33,200 48
100,000 1,000,000 38,000 38
1,000,000 380,000 39
Special rates apply to the taxable income of certain onshore companies:
Free-zone companies 2%
Shipping and aviation companies (1)
First ANG 100,000 6.72%
Over ANG 100,000 8.4%
Real estate companies (2) 0%
Mutual funds (3)
Insurance companies (4) 32% to 39%
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