Curacao updates Turnover Tax compliance and rates
- May 4, 2013 | Richard Asquith
The Curacao Parliament has enacted a number of changes to the Turnover Tax regime, including:
- Turnover tax is now due on goods imported on a tax free basis, but subsequently sold for a taxable supply
- The Turnover Tax rate will be 6%. Insurance premiums and tourist services will be at 7%. Certain luxury goods, entertainment and hospitality services will be at 9%.
- Water and power are now subject to Turnover Tax
- Services related to immovable property are also now subject to Turnover Tax
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.