Annual statements due September 30

The Tax Service recently sent out invitations for submission of the 2015 financial annual statements. All entities established in the Caribbean Netherlands are obliged to submit their financial annual statements within nine months after the closure of the financial year, in accordance with the BES (Bonaire, St. Eustatius and Saba) Tax Act, which makes the ultimate date for 2015 September 30, 2016.

If the annual financial statements of the years 2011-2014 have not yet been submitted, these should be submitted as soon as possible. If one fails to do so, a fine may be imposed up to a maximum amount of US $14,000, a press release stated.

Annual financial statements are drawn up to provide insight into the cash flows and the taxes which are due such as the general expenditure tax, wage tax, revenue tax and income tax.

All companies in the Caribbean Netherlands should apply for an establishment ruling. If such has not been applied for, it will be assumed that the company is established in the Netherlands and the company will be subject to corporate income tax, writes The Daily Herald.