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IMF Urges Reforms From Curacao, St Maarten

by Mike Godfrey, Lowtax.net, Washington
24 August, 2016

The International Monetary Fund has recommended that Curaçao and Saint Maarten strengthen tax compliance and improve bilateral information exchange.

The two territories are autonomous territories within the Kingdom of the Netherlands, having separated themselves from the former Netherlands Antilles.

In its annual report for the territories, the IMF said that although both territories have made progress, there continues to be weaknesses in tax administration and public financial management.

The IMF recommended that the Caribbean territories strengthen tax administration to enhance revenue mobilization, improve taxpayer services, and increase tax compliance.

The IMF also recommended the authorities of both territories strengthen risk-based financial supervision and effective implementation of cross-border tax information sharing, as well as ensuring their frameworks for anti-money laundering and countering the financing of terrorism are in line with international standards. The IMF said Curaçao and Saint Maarten's ability to strengthen transparency, particularly for Curaçao's international financial center, will help reduce perceived reputational risks to the respective territories.

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