Minister of Finance Shigemoto says forecasted for 2012 in additional revenues is Naf.21 million

Minister of Finance Hon. Hiro Shigemoto says during the plenary session of Parliament on the 2012 National Budget on Monday, he will clarify media reports that Government is planning to collect Naf.48 million in income taxes from foreign condo owners in 2012.


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The figure for 2012 in additional tax revenues forecasted to be collected is Naf.21 million and not Naf.48 million. It is a conservative estimate based on the amount of years open and the tax authorities have remained conservative there as well.

Secondly, the Committee for Financial Supervision CFT approved its advice in connection with the 2012 National Budget, Minister Shigemoto pointed out.

The CFT was provided with an explanation from the Ministry of Finance along with a detail plan of action with respect to additional tax revenues that will be collected in 2012.

Although the CFT remains sceptical, the Ministry of Finance has provided a detailed plan of approach on exactly how it will execute this action.

There is a timeline included in the plan of approach and this makes it possible to oversee the project and determine ahead of time if corrective measures are necessary.

"Government is of the opinion that everybody should pay their fair share and I am sure the people of Sint Maarten will fully agree with us as well.

"Time and time again we have heard the call that only a few within the community pay taxes and a large number don’t. Government has embarked upon a process to properly set up a country tax system tailored made to the specifics of the country after many decades of neglect from the former Federal Government of the Netherlands Antilles.

"At the same time, Government has a responsibility to collect taxes from sectors that should be paying taxes on their income. The local man or woman who owns apartments which are rented for income pays for the non-residents who also earn income on their apartments to also pay income tax.

"What would be the justification to exclude the one group (non-residents) while our local people are paying income tax on money earned from rental of apartments? I challenge those who wish to see it removed or who write about it unfavourably to support the equality in executing the laws across the board.

"A plan of approach has been set-up at the end of last year and Government is now in the process of executing that plan of approach to bring in more revenues in order to provide the necessary public services that the community demands," Minister of Finance Hiro Shigemoto said on Sunday.