The Netherlands Antilles establishes double taxation task force

WILLEMSTAD, Curacao: The Government of the NetherlandsAntilles last week approved a new task force which will bein charge of negotiating double taxation agreements (DTAs)with third countries.The task force will be headed by the State Secretary ofFinance, Alex Rosaria. The private sector, the CuracaoInternational Financial Association (CIFA) will also have arepresentative in this task force.“Curacao has since 1939 become one of the preferredlocations in the Caribbean for international financialtransactions and tax planning. In the following years wewant to belong to the world’s top five financial centers,”said Rosaria.In 2001, the Netherlands Antilles completely overhauled itstax system, which complies with OECD and EU standards. TheGovernment has additionally established self-policing andco-operation with local and foreign authorities such asFATF and CFATF.“Right now we are concentrating our efforts to continuallyoffer new products and to expand our DTA network,”explained Rosaria.Negotiations regarding a DTA between the NetherlandsAntilles and Barbados and Trinidad & Tobago are currentlyunder way.Double Taxation Agreements are designed to protect againstthe risk of double taxation where the same income istaxable in two jurisdictions and provide for certainty oftreatment for cross-border trade.     Source: Caribbean Net News    

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