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Newsflash 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

CIFA memo on MinFin position end offshore


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