Sint Maarten Government Presents Draft National Decree on International Assistance with the Levying of Taxes

On 1 October 2021, Prime Minister Silveria E. Jacobs sent a draft national decree containing general measures to the Parliament of Sint Maarten. Based on this decree, certain designated persons with a duty to keep an administration (‘accountable persons’; in Dutch: administratieplichtigen) are obligated to provide certain data and information, such as, but not limited to, information concerning the value and the ultimate beneficial owner of certain accounts, to the Minister of Finance each year. If approved, the draft national decree is to enter into force on 1 January 2022, and will have retroactive effect to 2018. If this draft national decree is implemented, the accountable persons will have to provide the required information for the period 2018 through 2021 to the Minister of Finance no later than 31 May 2022.

For the definition of an accountable person, the draft decree refers to the definition of a reporting financial institution as defined in the Common Reporting Standard (CRS). If you are not sure if your company qualifies as a reporting financial institution under CRS rules, Baker Tilly would be happy to advise you on your company’s CRS classification and, if applicable, assist you with the implementation of the national decree. 

Maarten Tervoort
Tervoort@bakertillysxm.com

Paula de Bruijn
Debruijn@bakertillysxm.com