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local Saturday 12 November 2022
International inflation having an impact on local economy

ORANJESTAD – During the fairs expects an inflation nario” of 9.9 percent – with
presentation of the budget of 5.6% in 2022 and an in- a VAT rate of 6% and 14%.
for 2023 in Parliament, min- flation of 5.4% in 2023. This According to the minister,
ister of Economic Affairs, projection is based on a studies showed that the im-
Mr. Geoffrey Wever elabo- deep analysis of the latest pact on our prices for prod-
rated on the effect of de- national and international ucts and services depend
velopment of international developments, carried out partially on the decision
prices on the level of prices by experts from the depart- of business owners: if they
for products and services in ment. remove the BBO first and
Aruba. based on this price (with-
During the discussion on the out BBO) apply the new
An increase in prices for 2023 budget in Parliament, rate. If they do not remove
services and products, or minister Geoffrey Wever the BBO first and just apply
inflation, is a current topic gave thorough explana- the new rate, it is expected
every day because of its tion on the economic im- that this will result in a much
impact on our wallet. The pact of the introduction of higher inflation. owners do remove the BBO ered. Here the recommen-
great dependence of a BTW – Value Added Tax, first, the impact of BTW on dation came to increase
Aruba on imports of prod- VAT – compared to an in- International development inflation would be 5.3%. This BBO with 1%. Calculations
ucts means that we import crease in the rate of BBO – of price and the space of is the range in theory, but were made and these in-
also the increases in inter- Tax on company turnover. business owners will have the reality would be some- dicate that increasing BBO
national prices. This means Different studies carried an influence on the deci- where between that 5.3% with 1% has a much lower
that our products become out on request of the Gov- sion if the price for con- and 9.9%. The expectation inflationary effect of only
more expensive, resulting ernment of Aruba showed sumers will be adjusted. is that some business own- 1.4% additional.
in a reduction in purchas- that increasing the BBO In a scenario in which the ers will remove the BBO first
ing power, according to with 1.0 percent will have business owners do not re- while others will not. Wever said that based on
Wever. an impact of 1.4 percent move the BBO first, known According to Wever, real- these studies and the cur-
In the latest projections for on inflation, compared to as the worst case scenario, ity remains that the govern- rent situation, the govern-
the development of the the impact of BTW, which the impact of BTW on infla- ment of Aruba has expens- ment made the responsible
Aruban economy, the De- would be between 5.3 per- tion would be 9.9%. In the es – including interest on and careful decision and
partment of Economic Af- cent to a “worst case sce- scenario where business debt – that need to be cov- stands behind this.q

Aruba’s 69th Carnival officially begins

most active board, and thanking the people and Monarch will take place at
one that is very energetic, organizations who helped the Centro di Bario Dakota.
we will make sure that we in the creation of the jingle, The performance order is
will have a great carnival as well as thanking Ruben as follows: Zeta Band, Tsu-
season, which already be- Garcia who formed part of nami, Mellow and Carib-
gan today”, Van Omme- this great event. bean Band. Next week, on
ren said. Saturday November 19th,
Finally after two years with- they will be at the Centro
Last night, the main street out carnival celebrations di Bario Playa Pabao with
Caya Betico Croes in Oran- because of the impact of Nfuzion, Sound and More,
jestad was filled with a fes- the coronavirus pandemic, Suona, YX3M and Buleria
tive atmosphere with the this year it is expected that which will close the night.
Carnival Street Party, which carnival will be something Finally on the 26th of No-
began with the presenta- big, that will continue push- vember they will be at the
tion of five bands, brass- ing for the economic re- Centro di Bario Brazil, and
band and different DJs and covery of the island. the night will be inaugu-
carnival groups. rated by Musical Time, Hot
Representative of Sticht- Today the first final of the Ones Band, Azucar and
ing Musica gave a speech Aruba Caiso and Soca Groove Masters.q
ORANJESTAD – Aruba’s
Carnival 2023 officially be-
gan yesterday, November
11th when SMAC - Official
organizing body of Aruba's
Carnival – presented the
new jingle for this season,
which was dedicated to
media personality Ruben
Garcia, who passed away
last week.

Darren van Ommeren,
president of SMAC, during
a press conference said
that they took the chal-
lenge this year to direct
Aruba’s carnival for the fol-
lowing two years. “As the