Kingdom of the Netherlands—Sint Maarten: Technical Assistance Report—Sustainable Tax Reforms

Released on by International Monetary
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  • Kingdom of the Netherlands—Sint Maarten: Technical Assistance Report—Sustainable Tax Reforms Book Detail

  • Author : International Monetary
  • Release Date : 2021-10-19
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 32
  • ISBN 13 : 161635111X
  • File Size : 50,50 MB
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Kingdom of the Netherlands—Sint Maarten: Technical Assistance Report—Sustainable Tax Reforms by International Monetary PDF Summary

Book Description: Sint Maarten’s economy has been hit hard over the last 4 years. In 2017, two major hurricanes struck the island causing significant damage. While reconstruction was largely financed by insurance proceeds and grants from The Netherlands, economic recovery from the hurricane damage was slow and in early 2020 the coronavirus pandemic shut down most of Sint Maarten’s tourism sector. As a result, fiscal revenue declined by 15 percent since 2016; payroll tax revenue declined by only 4.5 percent, whereas the turnover tax revenue declined by 23 percent. Since April 2020, The Netherlands has provided immediate financial support to cushion the economic shock of the pandemic. In December 2020, Sint Maarten concluded an agreement with The Netherlands to receive more substantial financial support for recovery and ensuring long-term fiscal sustainability. In return, the authorities committed to make structural changes to their tax system, making it more growth-friendly and equitable, while optimizing and ensuring its revenue mobilization capacity.

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The Kingdom of the Netherlands-Aruba

The Kingdom of the Netherlands-Aruba

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Over the last decade, Aruba has faced three recessions resulting in a public debt of approximately 90 percent of GDP. Its current budget deficit needs to be red