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St. Maarten Present Tax System, Tax Revenues and Operating Cost.

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St. Maarten Present Tax System, Tax Revenues and Operating Cost.

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    1. 1 St. Maarten Present Tax System, Tax Revenues and Operating Cost.

    2. 2 Present Tax Legislation Federal Taxes Wage Tax Profit Tax Income Tax Turn over Tax Gasoline Excise Stamp Duty Transfer Tax Succession (Inheritance) Tax Property tax (not imposed on St. Maarten) Present Tax Legislation Present Tax Legislation

    3. 3 Present Tax Legislation Local Taxes Room tax Time Share Tax Car Rental Tax Motor vehicle Tax Stamp duty

    4. 4 Collected taxes - last 5 years

    5. 5 Collected taxes - last 5 years contd PROFIT TAX (x1 milj. NAF) 2003 9.0 2004 14.0 2005 20.3 2006 30.1 2007 46.5

    6. 6 Collected taxes - last 5 years contd TRANSFER TAX ( 1milj. NAF) 2003 5.5 2004 8.7 2005 12.1 2006 14.8 2007 16.3

    7. 7 Collected taxes - last 5 years contd TURNOVER TAX (1 milj NAF) 2003 43.6 2004 59.0 2005 72.2 2006 78.2 2007 80.8

    8. 8 Collected taxes - last 5 years contd X 1milj. naf ROOM TIME SHARE CAR 2003 1.8 4.3 .8 2004 2.8 4.7 1.2 2005 3.0 4.7 1.3 2006 3.6 5.0 1.2 2007 3.5 5.3 1.5

    9. 9 Collected taxes - last 5 years contd Motor vehicle tax (x1 milj Naf) 2003 4.5 2004 5.8 2005 7.3 2006 7.3 2007 7.5

    10. 10 Collected taxes - last 5 years contd Gasoline Excise (x 1 milj. Naf) 2003 7.4 2004 9.0 2005 9.1 2006 9.6 est. 2007 10.0 est.

    11. 11 Cost of Levying and Collection of Taxes

    12. 12 Non-Compliance The tax gap has three key components which include underreporting of income underpayment of taxes and non-filing of tax returns.

    13. 13 Measures for compliance A combination of enforcement and education will increase compliance. efforts for survival growth and innovation of small businesses and the self employed as a foundation for long-term economic strength. tax regulations easier to understand is the most effective way to improve compliance and to reduce the tax gap. comprehensive and effective taxpayer services.

    14. 14 The informal economy With high tax rates, people increasingly conduct their economic activities in the "underground," "black market" or "informal" sector of the economy - where they escape official scrutiny and costly government regulations as well as high taxes. Dual economic systems (formal and informal activities) can have serious side effects that discourage economic growth since credit is not allocated to the most productive investments; total investment is less; labor productivity is lower and a defective tort (punishment) system fail to make people bear the burden of costs they impose on others.

    15. 15 Measures to eliminate the informal economy Lower tax rates Better and stricter controls Heavy fines for violators Efficiency in Bureaucracy (permits, licenses, etc.)

    16. 16 Country St. Maarten Lower tax rates Simplified tax system Measures to increase Tax Base Measures to decrease informal economy. Utmost efficiency from the New Tax Department

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