On July 31, Minister of Finance Hon. Perry Geerlings presented the Tax Transformation Plan to the board of directors of the Sint Maarten Hospitality and Trade Association (SHTA). The SHTA is the largest private business representative organization in the country.
During the Minister’s presentation, Geerlings highlighted the need for tax transformation and the way in which the transformation is planned to be carried out.
Perry Geerlings had already presented the Government’s Tax Transformation Plan to the Social Economic Council (SER) and the
Foundation Tax Committee and the meeting with the SHTA is a continuation of the process that he started back in May.
The members of the SHTA are senior business executives in the field of Hospitality and Trade and represent a large portion of the national economy.
The purpose of the presentations was not only to present the Tax Transformation Plan, but to give the SHTA the opportunity to comment on the plan and ask questions and further clarification with respect to the plan that would create a financially sustainable Government apparatus.
“The Tax Transformation Plan is of strategic importance for the future of Sint Maarten and its citizens. I would like the plan to be widely understood and supported in society and therefore I started with the stakeholder sessions as a form of transparency and openness in Government,” Minister of Finance Hon. Perry Geerlings said on Thursday.
The Tax Transformation Plan is expected to take approximately three years. Realizing more income, without raising tax rates, is the main objective of this project and is meant to make the country’s financial and economic future healthy and sustainable.
“The members of the SHTA had some critical but constructive comments, and that is exactly the purpose of my presentations to these important groups and stakeholders in our society: support and constructive feedback.
“These are lively and very interactive presentations which allow the stakeholders to review our plan and give us their valuable input, feedback and contributions,” Minister of Finance Hon. Perry Geerlings said on Wednesday.
Minister Geerlings will continue to present the plan to other key stakeholders in the coming weeks and months.