Page 13 - Astec

ATIA has some
SERIOUS
CONCERNS
about the introduction of the transaction tax
We cordially invite you to the
Art Rules Aruba KICK OFF!
THIS will take place at the Academy of Fine Arts & Design
located at Ooststraat 2 Today at 10:30AM.
Art Rules is Aruba’s #1 Educational Arts Program offering
a platform for Arts Education to young ones ages 13 to 23.
Presented as an intensive Summer workshop program,
aspiring young Aruban Artist get the opportunity to work
with International Artist Educators from all over the world.
Coming to Aruba for 2 weeks the Teachers teach different
Art Disciplines including, DJ, Music & Performance, Theater,
Dance, Creative Media, Creative Writing and Culinary Arts.
Presented by the Pancake Gallery Foundation Art Rules
celebrates its 6th year with a Pancake Brunch from 10AM to
12PM for all participating students, partners, sponsors, friends
and the Press.
The program will also hold a press conference from 10:30 AM
to 11:00 AM
WE HOPE TO SEE YOU THERE.
ARUBA TRAVELLER - Monday, July 20 2015
EMPLOYERS’ organization ATIA
is worried about the planned
transaction tax. Commerce is already
under a lot of pressure; new taxes
will not help our fragile economy
but rather harm it, according to ATIA
Board Chairman Michel Henriquez.
Introducing a transaction tax without
having to implement tax reforms is
disastrous for our country according
to the Minister.
Its Introduction could lead to
stagnation of economic growth,
including a decline in consumer
spending; also the employment
growth could be inhibited by this tax
measure. “The possible introduction
of a transaction tax must therefore
go hand in hand with major changes,
preferably a significant simplification did assure however that it is a very
of the Aruban tax system” says
Henriquez.
“The recent introduction of a 1
percent additional BAZV (Health
Tax) rate makes Aruba slightly
more expensive and that makes it
more annoying for consumers and
businesses.” According to Henriquez.
The introduction of a financial
transaction tax on top of that without
a balance or any tax cuts, could be
catastrophic for Aruba, according to
the CEO.
The introduction of a financial
transaction tax causes all banking
transactions to be taxed because
of this measure. The tax involves
cash withdrawals from an ATM and
credit card payments. The proceeds
of the new tax measure should be
used for investment projects such
as the Green Corridor and will fund
the renovation and expansion of
the HOH Hospital. According to the
government the funds will replace
funds originating from development
fund Fondo Desaroyo Aruba (FDA).
However, when and if the tax will be
implemented is still uncertain. Also,
the percentage charged and thus the
expected proceeds are unknown.
Minister of Economy Mike de Meza
small amount.
Henriquez spoke earlier on
the concerns of the employers’
organization with Minister de Meza.
The minister assured him during this
conversation that the transaction
tax is still being assessed and that
there are no concrete plans. The
tax reform that Minister of Finance
Angel Bermudez has in mind is also
included in this evaluation. ATIA
will be presented a presentation with
more details on this topic this week.
5LOCAL