In this Tax Instant News we will discuss the National Ordinance repair preferential tax regimes that was adopted on 28 June 2018 by the Parliament of Curaçao. The national ordinance aims to introduce changes in the Curaçao tax legislation that are or may be of great importance to you. The National Ordinance will enter into force on the day following that of publication, but with retroactive effect to 1 July 2018. There is an exception for the changes for the turnover taxes some formal changes (in the General National Ordinance Taxes) in relation to the turnover tax - these enter into force at a later date. There are limited transitional arrangements.
In 2015, the Organization for Economic Cooperation and Development (OECD) published the final reports presenting the action plans against base erosion and profit shifting (BEPS). In the BEPS reports, 15 action points were formulated with the aim of preventing multinationals from eroding the tax base of countries in which they operate. More than 100 countries, including Curaçao, have agreed to participate in the implementation of these action points in their local legislation.