MEASURES TAKEN BY GOA SINCE 2006 WHICH HARMED SMALL AND MEDIUM SIZED BUSINESS
- Aruba has the highest social insurance premiums (AOV/AWW/AZV) in the region
- Increased administrative burden: Introduction of BBO
- Increased administrative burden: Introduction BAZV (must be calculated separately)
- Introduction of BBO during the year (not at the beginning)
- Introduction of BAVP
- Increase in BBO
- Abolition of the Investment Deduction and Early Depreciation
- Limitation of mortgage interest deduction
- Adjustment of SVB legislation: no more doctor’s letter needed: many more sickness reports
- Introduction of compulsory pension (of which insurance companies and government benefit) + 3% employers’ charges
- In the past married couples were only charged once for AOV/AWW and AZV. This was changed a couple of years ago: now they both have to pay. Since the employer is paying most of the premium, the SME had to pick up this bill.
- AOV limit increased to AWG 85,000
- AZV Premium WG part introduced
- AZV premium WG part increased
- Land tax increased (50%?)
- Increased minimum wage (yearly)
- Obligation to deposit financial statements at the Chamber of Commerce
- CBA permit necessary to bring in money
- No more possibility to transfer money abroad (since Covid)
- Pay foreign exchange commission to CBA for payments abroad, even if it has been imported
- Obligation to report foreign banks to CBA (very complicated)
- Obligation to report foreign current accounts to CBA (weekly !!!)
- Enter provisional tax assessments (during the year)
- 2014: payment of taxes together with filing.
- BBO also on insurance premiums
- Tax department has the right to investigate third parties. Still every year each company has to file the IB-50 forms. Lot of work and expenses.
- Change of WB declaration from very simple 4 page form into a book
- Excise duties increased enormously (wine and beer)
- BBO must be included in all price lists etc.
- Hard to find employees. If a SME hires an illegal but pays taxes: still fined
- Very difficult to get work permits
- The Tax and Customs Administration does not deal with appeals (10’s of thousands appeals have not been handled)
- No special business counter at DIMP
- Difficult to obtain business licenses (although this got easier)
- Far too strict supervision by the CBA