Representatives of the Tax Reform Workgroup led by Sissy Gonzalez-Fung met last week Wednesday with the President of the Central Bank of Curacao and Sint Maarten (CBCS), Dr. Emsley Tromp and colleagues to brief the President on progress and incorporate the President’s input into the reform exercise, disclosed Minister of Finance Hon. Hiro Shigemoto.
Dr. Tromp stressed the importance of tax policies which encourage the greater diversification of the Sint Maarten national economy as well as providing some valuable insights into inter-island trade issues and how tax policy should be appropriately sensitised to prevent unhelpful distortions of trade between the islands.
The CBCS President was very supportive of the underlying principles of the reform exercise which aim to simplify the tax system and broaden the tax base so that tax rates can be as low as possible for Sint Maarten in the long term.
Further meetings have now been scheduled to continue the dialogue and the extent of input from the CBCS.