Thanks for visiting. On a weekly basis I scan St. Maarten's major daily news Sources for significant St. Maarten political news and punditry. We also review the editorial pages for St. Maarten political commentary. The news sources we review include: The Daily Herald, the SXM Island times, the St. Marten News Network and the Amigoe.
The following articles were taken from the Amigoe. SATURDAY, JUNE 25, 2011.
These article, in my humble opinion shed some light, and should give us some ideas, on the things that still need to be explored by our Government on St. Maarten. Please note that I'm not suggesting that we follow Curacao or Aruba's lead. However taking notes on what they are doing can help us move forward on improving how we address the FINANCE CHOKE HOLD we are currently dealing with. We the "People" are the ones feeling the squeeze the most.
Financial regulator in its law For..........
Former Island and "Staten" director of the Department of Finance of the Netherlands Antilles Gregory Damoen suggests that in anticipation of the termination of financial supervision in Curacao and St. Maarten, a private financial regulator should be placed in the local laws. This independent regulator should have an observation and advisory role with regard to developments in public finances in relation to the financial standards that are used in the budget.
In his masters thesis "Financial Budget Monitoring Curacao" - A study of the degree of effectiveness of financial-budgetary supervision on Curaçao from 1990 to 2010 and to propose improvements, Damoen answered the question what should happen in order for the financial supervision, which is now regulated by the "statute", prepare a way forward with the financial-budgetary supervision in the following period. To get out of financial supervision, Curacao should create the standards that are defined in the Article, which meets the requirements for a period of five years. These standards range from a simple fitting service, so that the current income and expenditures must be balanced. Therefore they may be able to borrow capital to finance expenditure where the interest standard is not exceeded the current account balance. The interest burden standard means that the total interest costs in one year of service not exceed the amount equivalent to 5 percent of the average of three previous years income realized.
After an evaluation by an independent commission they will have five years to determine whether in Curacao these standards are met. Ahead of this period, Curaçao, Damoen said, would be wise to place its own legislation in place to the creation of a role for their own independent financial regulator. This regulator will initially focus on the government of Curacao, this should not effect the current agreement, the debate should start in parliament now. This last point is the escalation model, as stated in the Decree on the Financial Supervision Curaçao and St. Maarten. The members of their own financial supervisor should not be appointed by the Government, said Damoen proposal, so their independent character is covered. He suggested that members of the supervisory board should be appointed by the States. The elected members serving should select the nominee for a President. The nomination of the members shall be by political groups in parliament. Each nomination must be supported by at least five MPs. The appointment is made when a candidate has at least two thirds of the votes in parliament. This way, the coalition forced have to agree. Collaborate with other agencies in its law should be coordinated closely that the regulator is cooperate with other supervisory bodies such as the National Audit Office, SOAB government and the Ministry of Finance. Agreements between these agencies should be made public. The law should also be incorporated directly or indirectly, neither the government nor the parliament can give instructions to the supervisor. To ensure the integrity the profiles of the members, their profiles should be approved by the supporting secretariat. This should also apply to the other control authorities, such as the National Audit Office and the Ministry of Finance SOAB.
| New tax treaty between the Netherlands and Aruba |
ORANGESTAD - The Taxation of the Kingdom (BRK) for Aruba gets a sequel. The Act of 1964, updated for our country. Moreover, it is no longer a kingdom wide tax, but a treaty between the Netherlands and Aruba. The countries negotiating for some time about the new system, which include agreements on avoiding double payment of taxes. It also negotiated the division between taxing rights between countries. The new treaty is needed in the context of constitutional reforms allowing for Aruba, Curacao and St. Maarten should be a new bad credit. In addition, the Act not renewed since 1964, when there are new taxes are added. Aruba is the first country with which a new arrangement is negotiated. Upcoming Monday, the Dutch Minister of Finance, Frans Weekers, in Aruba. He will include discussions on the progress of the negotiations of the new tax. Last week, because even at official level negotiations between the Netherlands and Aruba. So are concepts, but there is no final proposal. Aruba represents a large number of tax reforms, because many laws severely outdated and no longer in line with international developments. There are also laws that are too cumbersome and additional burden to society. As the license plate tax and stamp tax. After the political changes, while the Dutch tax law a lot closer and the government wants to see what the differences and similarities in order to better legislation. A committee comprising representatives of government and social partners concerned with the fiscal reforms, according to previous agreements in the Social Dialogue. They must come forward with proposals shortly. This should be monitored so that we can move towards removing the Choke hold on our Financial Systems. |
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