by g.solano@profoundprojects.comNewsflash April 24,2020
Dear Members,
We hope that under the circumstances you and your family are doing well. By means of this Newsflash we would like to update you on the Tax Developments we have been working on, regarding COVID-19 actions and regarding the Annual General Member’s Meeting.
Tax developments
On January 31, 2020 we informed you that with the transition from offshore to onshore, a number of aspects became uncertain and therefore needs clarification or confirmation from the Sector Fiscal Affairs (SFZ). The tax committee consisting of representatives of CIFA, of the Tax Advisors Association (VAB), of the International Financial Group (IFG) and of Sector Tax Affairs (SFZ) has made an inventory of these matters and worked together on clarifying these matters. We are pleased to be able to present you attached with a joint letter from the Fiscal Tax Affairs and from the Tax Authorities in which these matters have been confirmed.
Furthermore, we are happy to inform you that our request for an extension for the period to convert onshore companies to Curacao Beleggings Vennootschap (CBV) or Transparante Vennootschap (TV) has also been granted and for both onshore and onshore companies this extension from March 31 to April 30th has been prolonged until the end of June 2020. Additionally they confirm that extra time has been granted to build up substance.
COVID developments
Immediately when the lockdown was implemented, CIFA contacted MEO to inquire on the possibilities for exemption on the lockdown for the financial sector (not only banks and insurance companies) but without success. As per today the government granted permission for some companies to restart their activities. That news triggered the board of CIFA to increase its lobby with the respective authorities trying to achieve a gradual exemption for some employees with the financial sector.
CIFA also reached out to the “noodfonds” committee and other organizations to offer our cooperation and support and to work together on the midterm solutions for the economy including the financial sector. In that respect we had a meeting with the Minister of Finance last week where we discussed the current “nood” measures (amongst others the uncertainty about the possibility to file a request for tax payment deferment for March).
We also discussed a proposal that the tax committee has submitted for a more formal collaboration with The Fiscal Affairs (SFZ) to work together on the midterm/long-term opportunities for the sector.
This week we have a meeting planned with the Central Bank of Curacao and Sint Maarten (CBCS) to discuss the consequences of COVID-19 for the financial sector (challenges and opportunities). Since the meeting with Mr. Jardim and Mrs. Matroos-Lasten that was planned on March 17th was cancelled due to the COVID-19 developments, we will also discuss the topic, “Deviezenregeling”.
Please do not hesitate to reach out to the CIFA board with any remarks or concerns that you wish to be addressed during the meetings with the abovementioned authorities.
General Member’s Meeting (ALV)
Since we are not able to hold a General Member’s Meeting, we take this opportunity to inform you that we are working on organizing a virtual General Member’s Meeting (ALV) instead. We aim to have this ALV in May. The CIFA board further intends to organize the planned members information sessions as webinar sessions instead. If interested, kindly send us topics of interest and inform us on whether you are able to participate (either with the organization or as a speaker).
Hope to have informed you accordingly.
Kind regards,
CIFA Board
by g.solano@profoundprojects.com2020 will be the year of reinvention according to CIFA 13 of January 2020
Last Friday, the members of the Curaçao International
Financial Services Association (CIFA) gathered at Omundo Restaurant with other notable
members of our society to ring in the new year. During its annual new year’s event, CIFA
members reflect on the past year and set goals for the current year. The association’s
chairperson, Mrs. Nacha de Jesus, announced 2020 to be the year in which the international
financial services sector will reinvent itself.
Shifting to a higher gear
The highlight of the evening was a moving speech and toast by CIFA chairperson Nacha de
Jesus. She started by thanking her guests for the support they have received throughout
2019 and stated that she welcomed the position of chairperson on CIFA’s board with open
arms. “It was one of my personal achievements in 2019 and a true honor. Thank you,” she
said. Her speech continued with highlighting some of the achievements made by the
international financial sector in 2019. Such as obtaining the largely compliant- status,
implementing a new, internationally accepted and competitive profit tax regime, deepening
existing relationships with partners and starting new collaborations as well as having all
important players in the international financial services sector pursue one and the same
goal. De Jesus also touched upon the economic importance of the financial services sector
by drawing a parallel between the contribution the refinery made to the island economy
and the offshore regime. Her speech concluded with an outline of the goals the organization
has set for 2020. “2020 is the year in which the international financial sector will reinvent
itself. Now that the offshore regime no longer exists, it is time for a reinvention,” she said.
The chairperson believes that an attractive investment climate can only be achieved by
readjusting the sector’s product portfolio and improving the client licensing process. “The
aim is to introduce innovative technological solutions to be able to compete regionally and
internationally. We need to form strategic alliances with local as well as regional players.
There is so much we can learn from other countries that are in the next stage of
development. By analyzing what worked and what didn’t, we are able to shift to a higher
gear much quicker and gain competitive advantage in the region. The first steps have
already been made in 2019 and the momentum has been building. Decisiveness and hard
work, while still remaining agile, will ensure that we reach a higher level of service this
year,” De Jesus continued.
The growth challenge for 2020
De speech by De Jesus was preceded by two opening speeches. The evening kicked off with
an opening speech by the Prime Minister Eugene Rhuggenaath where the political leader
complimented the international financial services sector on the island for achieving the
OECD largely compliant-status last year and thus remaining off the blacklist. The Prime
Minister was optimistic about the future of the sector and acknowledged the importance of
the sector for the local economy. “A consolidated financial sector represented by CIFA is the
best way for the international financial sector on the island to grow. The new tax regime is
another great step in the right direction,” he said. “Even though the various negative
forecasts may suggest otherwise, there is light at the end of the tunnel. The international
financial services sector together with the tourism sector remain solid pillars of the local
economy,” he continued. The Prime Minister finished his powerful speech by remarking that
by breaking the mold, the island will be able to turn the tide and put Curaçao back on the
map so that next year the annual new year’s event will be a celebration of growth.
Collaboration
The Prime Minister’s speech was followed by an equally positive speech by the Minister of
Finance Kenneth Gijsbertha. He stated: “We must, and we will, overcome the obstacles that
are currently in our way.” He reflected on the challenging year 2019 with the formal
instruction (aanwijzing) the Dutch Kingdom Council of Ministers gave to the government as
well as all the insecurities surrounding Refineria di Kòrsou (RDK) just to name a few.
“Surviving is not enough. We need to thrive. And the only way to achieve that is collectively
as one country,” he continued. The Minister of Finance finished his speech by expressing his
belief that together and in close collaboration with CIFA in its role as representative of an
important pillar of the economy, economic growth can be achieved and sustained.
The evening finished with a toast by De Jesus.
by g.solano@profoundprojects.comPress release Tur Mucha Ta Kome 11 May 2017
On May 11th, a pilot project was launched, which is part of the campaign to eliminate hunger amongst schoolchildren in Curacao. The purpose of the campaign “Tur Mucha Mester Kome” is to ensure that there are no children who go to school hungry in the morning. The campaign entails that all children get to eat a balanced meal three times a day, that include all the vitamins and minerals needed for the healthy development of the child.
To enable this project, the Curaçao International Financial Association (CIFA) has taken the initiative to provide first aid as part of their social responsibility program and founded the foundation ‘Tur Mucha Mester Kome’. CIFA hopes that others will also jump in to ensure the continuity of this project, which started at the VSO – ZMLK Marieta Alberto school yesterday. At this school, there are twelve children who need additional meals. The Lions Club ensures that these children receive breakfast every day, but the children are not insured of a balanced meal in the afternoon and evening.
Donations are required for this project; both from the private sector and from the whole community. For example, there is the possibility of adopting a child, a class or even a whole school. A website will be launched shortly with all relevant information about this project and how people can contribute.
The Tur Mucha Mester Kome Foundation works closely with psychologists who help the parent / guardian / family to remedy the situation at home. There are also experienced advisors who can advise the family at different levels. The foundation also works with the school boards, guidance councelors and churches; all of which will make an inventory of the number of children eating less than three times a day, and that are suffering from hunger. The idea is to organize lectures at neighborhood centers in the future to inform the community about this topic.
With this project, the foundation hopes that the private sector, the government and the entire Curaçao community will join forces to help our children and thus be a part of the SOLUTION!
* Attached a photo of the launch of the project yesterday morning.
F.r.t.l.: Yùfrou Su (Su Blessed), Eugène Rhuggenaath, Marilyn Alcalá-Wallé, Anuschka Cova-Martens, Hensley Koeiman