A scene during the meeting.
PHILIPSBURG--Dutch St. Maarten Minister of Finance Ardwell Irion and President of the Overseas Collectivité of French St. Martin Daniel Gibbs, together with their delegations, met on Friday, March 19, to discuss how the two sides of the island could achieve tax cooperation.
With the support of the relative Departments of Foreign Affairs, both parties expressed the desire for research into areas of possible tax harmonisation, highlighted gaps in the systems, and presented possible solutions.
During the meeting, there were discussions about a system whereby both governments can have access to certain data that would be beneficial to both parties and improve on leakage. Topics such as turnover tax, transaction tax, income tax and sin tax were discussed. A follow-up meeting will be organised in quarter two.
The reality of two countries sharing one island with an open border brings with it complexities as it relates to taxes, it was stated in a press release issued by the cabinet of St. Maarten’s Finance Minister.
“These discussions are therefore crucial and necessary as we continue the tax reform process. The goal with the tax reform is to simplify the process, minimise tax evasion and increase revenue,” it was stated In the release.
