The Social and Economic Council (SER) of Curaçao issued today its advice to the Minister of Finance on the draft of the so-called “sweeping law” (veegwet), which proposes amendments to various tax ordinances, including the General National Taxes Ordinance, the National Ordinance on Profit Tax 1940, the National Ordinance on Wage Tax 1976, the National Ordinance on Income Tax 1943, and the National Ordinance Tax Facilities for investments.
The tripartite advisory body, consisting of representatives of the business community (employers and employees) and independent experts, was previously requested by the minister to consider and advise on the draft.
The objective of the legislative amendments proposed in the draft “sweeping law” is to fill omissions, correct errors and bring about technical improvements in Curaçao’s tax legislation. The aim is, among others, to adequately comply with the international norms and standards of the Organization for Economic Cooperation and Development (OECD) in order to continue to attract international economic activities.
A sweeping law is one that usually includes only adjustments of a technical nature.
