Curacao updates Turnover Tax compliance and rates

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