Налоговая служба Кюрасао выпустила практическое руководство для начинающих предпринимателей

WILLEMSTAD – The Curaçao Tax Authority has published a new practical handbook aimed at helping starting entrepreneurs understand the tax, administrative and regulatory obligations involved in operating a business on the island. The 15-page publication, titled “De Basis van Succesvol Ondernemen” (The Foundation of Successful Entrepreneurship), is designed to provide entrepreneurs with practical information in accessible language. It covers subjects ranging from choosing a legal structure and registering a company to taxes, permits, bookkeeping and employing personnel. According to the Tax Authority, starting a business involves considerably more than having a good idea. Entrepreneurs must understand how to organize their administration, obtain the necessary permits, comply with tax regulations and, when applicable, meet obligations associated with hiring employees. The guide explains that a person can already be considered an entrepreneur when regularly earning or seeking to earn income through economic activities, including when the activity is carried out part-time or alongside another job. Having business premises or employees is not required. Different Legal Structures Explained One of the sections provides an overview of the legal structures available to entrepreneurs, including sole proprietorships, general partnerships (VOF), private limited companies (BV), public limited companies (NV), foundations, associations and private foundations (SPF). The Tax Authority stresses that the choice of legal structure affects liability for debts, taxation, administrative requirements, profit distribution and the entrepreneur’s personal financial risk. For example, the handbook explains that a sole proprietor is personally liable for business debts, including with private assets. In a BV or NV, the company itself is generally liable. The guide also outlines where each type of business must be registered and which taxes may apply. The Tax Authority warns entrepreneurs that once they are registered for tax purposes, they are required to file tax returns even when the business has not yet generated revenue. In that situation, a zero return must still be submitted. Failure to file can result in an estimated assessment and penalties. Turnover Tax Rules and Small Business Scheme The guide devotes considerable attention to turnover tax, or OB. Depending on the product or service, rates of 0, 6, 7 or 9 percent may apply. Since January 2025, filing frequency is based on taxable annual turnover. Businesses with less than Cg. 30,000 in taxable turnover are generally annual filers, those between Cg. 30,000 and Cg. 75,000 file quarterly, while businesses exceeding Cg. 75,000 file monthly. The handbook also explains the Small Business Scheme, known as RKO. A sole proprietorship with annual turnover below Cg. 30,000 may qualify for an exemption under which turnover tax is charged on products and services but does not have to be remitted to the Receiver. Businesses employing personnel must also withhold and remit payroll tax and social insurance premiums. Employees must be registered with both the Tax Authority and the Social Insurance Bank, SVB. Penalties for Failing to Meet Tax Obligations The publication warns entrepreneurs about the financial consequences of failing to comply with their tax obligations. For sole proprietors and partners in a VOF, business profits are generally treated as personal income for income tax purposes. If an income tax return is not filed or paid on time, the Tax Inspector may impose an estimated assessment and a fine ranging from Cg. 250 to Cg. 2,500. For companies subject to profit tax, the handbook states that the general rate is 15 percent on the first Cg. 500,000 in taxable profit and 22 percent on the amount above that threshold. Failure to file or pay profit tax on time can result in penalties ranging from Cg. 250 to Cg. 10,000, with stricter measures possible in cases of repeated violations or serious negligence. Records Must Be Kept for at Least 10 Years Another major focus of the guide is bookkeeping. Entrepreneurs are required to maintain records that provide a clear picture of the company’s financial position, including cash records, payroll administration when applicable, and accounts receivable and payable. Records must be maintained in Dutch, Papiamentu, English or Spanish and must be available for inspection by the Tax Authority. All administrative records and documents must be retained for at least 10 years. The Tax Authority recommends that entrepreneurs digitize receipts and invoices where possible, work with an accountant or bookkeeper, maintain a separate business bank account and regularly verify that all tax obligations have been met. The guide also stresses that entrepreneurs should determine which permits are required before beginning operations. Depending on the type of business, operating without the appropriate authorization could lead to fines or even closure. The Tax Authority says the objective of the new handbook is to give entrepreneurs a stronger foundation from the beginning, emphasizing that proper administration, timely permits and registrations, and compliance with tax and social obligations are essential for sustainable business growth.