October 16, 06

NEWS / The Netherlands Antilles establishes double taxation task force

WILLEMSTAD, Curacao: The Government of the Netherlands Antilles last week approved a new task force which will be in charge of negotiating double taxation agreements (DTAs) with third countries.

The task force will be headed by the State Secretary of Finance, Alex Rosaria. The private sector, the Curacao International Financial Association (CIFA) will also have a representative in this task force.

???Curacao has since 1939 become one of the preferred locations in the Caribbean for international financial transactions and tax planning. In the following years we want to belong to the world??™s top five financial centers,??? said Rosaria.

In 2001, the Netherlands Antilles completely overhauled its tax system, which complies with OECD and EU standards. The Government has additionally established self-policing and co-operation with local and foreign authorities such as FATF and CFATF.

???Right now we are concentrating our efforts to continually offer new products and to expand our DTA network,??? explained Rosaria.

Negotiations regarding a DTA between the Netherlands Antilles and Barbados and Trinidad & Tobago are currently under way.

Double Taxation Agreements are designed to protect against the risk of double taxation where the same income is taxable in two jurisdictions and provide for certainty of treatment for cross-border trade.

Reprinted from Caribbean Net News
caribbeannetnews.com


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