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Suriname – Final investment decision for production of oil signed
On October 1, 2024, the French oil major Total Energies has just signed the Final Investment Decision (FID) for the development of the Gran Morgu field in Block 58, with estimated reserves of around 700 million barrels of oil equivalent. This major milestone will drive significant growth in Suriname’s offshore energy sector and economy. This
Caribbean Netherlands – BES Tax Plan 2025 – Proposed Legislative Changes
On Budget Day (September 17, 2024), the Dutch government presented the 2025 Tax Package, including the BES Tax Plan 2025. This package includes important proposed legislative changes for the tax system in the Caribbean Netherlands (Bonaire, Saba and Sint Eustatius), which are set to be effective as of January 1, 2025. Rootz Tax Lawyers has
Rowan-John Martina joins Rootz Tax Lawyers
Rootz Tax Lawyers is happy to announce that Rowan-John Martina has joined the firm as of August 1, 2024. Rowan-John has studied fiscal law at the Tilburg University and has gained experience with both international advisory firms and the government. Rowan-John will be working from the Curaçao office. August 2024
Curaçao – Implementation UBO-register
On June 8, 2024, the so-called National Decree on UBO Registration entered into force. This decree provides rules for registering ultimate beneficial owners of entities and other legal structures in a ‘UBO-register’. The UBO-register is managed by the Chamber of Commerce and Industry of Curaçao (“CoC”). Private Register The Curaçao UBO-register is a closed register.
Suriname – Obligation to register for online tax portal to allow digital wage tax return filings
In Suriname, there is an obligation from periods starting January 2024 onwards to submit the wage tax and so-called AOV premium tax returns online from the online tax return portal of the Suriname tax authorities. The Suriname tax authorities requires companies who pay wages to one or more employees, and thus are considered withholding agents,
Caribbean Netherlands – Introduction reporting obligation for the real estate tax
As of January 1, 2024, there is a reporting obligation for the real estate tax on the BES Islands (Bonaire, Saba and Sint Eustatius), under which in certain situations a report has to be filed with the tax authorities in the Caribbean Netherlands (“BCN”). Essentially, this reporting obligation means that new owners of homes or
Curaçao – Policy changes imposition profit tax
The Ministry of Finance and the Curaçao Tax Department have jointly announced policy changes regarding the imposition of Curacao profit tax, which have entered into effect as of January 1, 2024. The Tax Department notes that many entrepreneurs comply with their monthly obligations for turnover tax and wage tax but have delays in preparing financial
Tax update | Caribbean Netherlands
December 2023 | Legislative changes 2024 In our September 2023 Tax update, we informed you about the proposed legislative changes that followed from the BES Tax Plan. The bill has since been adopted – with some adjustments – and will (with a few exceptions) take effect on January 1, 2024. The most striking changes are
Caribbean Netherlands – Real estate tax
The real estate tax (in Dutch: vastgoedbelasting) is a state tax levied on the deemed income from immovable property located in the Caribbean Netherlands (also referred to as the BES islands, being Bonaire, Sint Eustatius and Saba). Taxpayer for the real estate tax is the person who, at the beginning of the calendar year, has
Broadening possibilities for deducting GCT in the construction sector (Caribbean Netherlands)
Last Friday (December 1st), the Supreme Court concluded that a company established especially for the construction of a resort in Bonaire qualifies as an entrepreneur as well as a producer for general consumption tax (“GCT”; in Dutch: Algemene bestedingsbelasting). A significant aspect of this judgement gives practical guidance for cases where an incorrect GCT rate
Tycho Spaan joins Rootz Tax Lawyers
Rootz Tax Lawyers is pleased to announce that Tycho Spaan has joined the firm as of 1 September 2023! Tycho studied fiscal economics at the University of Amsterdam and has already gained some experience at a Dutch international tax consultancy firm. Tycho will work from the Curaçao office. September 2023
Farousha Rellum joins Rootz Tax Lawyers Suriname office
We are very excited to announce that we have opened a new office in Suriname as per July 1, 2023. We are delighted that our former colleague Farousha Rellum has joined our team. Farousha is an experienced tax advisor with deep knowledge of Suriname tax matters. July 2023
Suriname Energy Oil & Gas Summit (SEOGS) in Paramaribo, Suriname
Rootz Tax Lawyers has attended the Suriname Energy Oil & Gas Summit (SEOGS) in Paramaribo, Suriname. This is the leading industry event for Suriname’s emerging energy sector. With exploratory success, where several discoveries have been made in the last few years, Suriname is positioned to become one of the world’s oil & gas hot spots.
Joost Houtsma joins Rootz Tax Lawyers
Rootz Tax Lawyers is happy to announce that Joost Houtsma has joined the firm as per May 1, 2023. Joost is an international tax lawyer with specialist knowledge on the tax aspects of real estate (project development, investors, hotel operators, real estate purchase). Before joining Rootz Tax Lawyers, Joost worked for KPMG Meijburg & Co
Tax update | BES Islands
In this Tax Update we would like to inform you about suggested amendments by the Dutch State Secretary of Finance related to various aspects of the Caribbean Netherlands’ tax system. Please find below an overview of the most important topics that are expected to be included in the Tax Plan Caribbean Netherlands 2024 and the
Aruba – Postponement implementation VAT system
During a press conference, on August 18, 2022, the government of Aruba announced that the implementation of a VAT system as per January 1, 2023, will be postponed. The VAT system was intended to replace the current BBO/BAVP/BAZV system. Instead, in light of the current financial situation of Aruba, the Aruban government considers to increase
Freek Stapel joins Rootz Tax Lawyers
Rootz Tax Lawyers is happy to announce that Freek Stapel joined the firm as per August 1, 2022. Freek has gained experience in international tax law and cross-border taxation. Freek is a hands-on sparring partner for his clients for different types of taxes. Freek specializes in energy-related companies, digital services providers, real estate and construction
The second edition of the book Capita selecta Caribisch fiscaal recht (“Caribbean tax law”) has been published
The second edition of the book Capita selecta Caribisch fiscaal recht (“Caribbean tax law”) has been published. This book is obligatory for students Tax Law at the University of Curacao and is also used by Dutch Caribbean tax specialists. It can be ordered via Kluwers’ online shop. Jaap Roks (Rootz Tax Laywers) is the author
Dutch Council of State advises on role Dutch Caribbean countries in concluding tax treaties
Recently the Advisory Division of the Council of State – this division advises the Dutch government and Parliament on legislation and governance – issued an advisory opinion regarding the position of the Dutch Caribbean countries (i.e. Aruba, Curacao and Sint Maarten) in connection with the concluding of tax treaties and EU law. The advice contains
Jaap Rutger Kos appointed as external Counsel
Rootz Tax Lawyers announces its cooperation agreement with Jaap Rutger Kos, who will act as an external counsel for the firm. We are very happy to renew our business relation with Jaap Rutger and are looking forward to be working together again on Caribbean Netherlands tax matters. Jaap Rutger is working and residing in Bonaire
Ruben Toonen joins Rootz Tax Lawyers
Rootz Tax Lawyers is happy to announce that Ruben Toonen joins the firm as per August 1, 2021. Ruben is a proactive tax lawyer with experience in both domestic and international tax law. Ruben specializes in family owned businesses, real estate and construction corporations and leisure related enterprises. His focus, among other things, is at
Caribbean Netherlands: Automatic extension for filing annual accounts 2020
The regular deadline for filing the 2020 annual accounts for companies that are established in the Caribbean Netherlands according to the Tax Act BES is September 30, 2021. Due to circumstances related to the coronavirus outbreak, the Caribbean Netherlands Tax Administration announced that this filing deadline is automatically extended to December 31, 2021. There is