Aruba To Reduce Corporate Income Tax Rate In 2016
by Mike Godfrey, Lowtax.net, Washington
03 December, 2015
Aruba's tax authority has announced that the corporate income tax rate will fall from 28 percent to 25 percent from January 1, 2016.
Meanwhile, it has announced that Parliament has approved a significant change to the tax administration provisions in income tax law. The current tax assessment system – through which the tax office issues assessments to taxpayers – will be phased out and instead taxpayers will be required to self assess liability to profit tax. Under the existing system, taxpayers receive a provisional assessment, a final assessment, and an additional assessment.
Instead, for profits tax liability from the fiscal year 2014, taxpayers will be required to calculate taxable profits on their profits tax returns and tax dues will be payable immediately.
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