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14/01/2023

Who are considered UBOs?

UBOs are the individuals who ultimately own or control an organization, company, foundation or association (called a legal entity).

Consider, for example, people who own more than 25% of the shares in a company or people who have more than 25% direct or indirect ownership interest in a partnership or corporation.

Ultimate beneficiaries include, for example:
persons owning more than 25% of the shares of a company or legal entity, or
persons who own more than 25% of the voting rights of a company, or
persons who are statutory directors of a company, or
persons who effectively control the company.

For example, is the company part of a holding company? Then the owner of the holding company is the ultimate beneficiary (UBO) of the organization.

For questions or more information, contact us at 582-1566 or at [email protected]

26/02/2019

Accountancy Services

26/02/2019

Payroll Services

26/02/2019

Tax services

18/02/2019

The Minister of Finance has announced that the personal income tax with regard to dividend distributions in 2019 will be lowered from 25% to 10%. Certain conditions apply and we are more than willing to inform you personally about those conditions.

10/12/2018

Announced Aruba Tax Reform Changes

As per January 1, 2019 the Aruban Government is planning to introduce the following changes:

Income tax rate: At this moment the maximum income tax rate amounts to 58.95%. In the tax reform plans the Government wants to lower the maximum rate to 52%.

An interesting change is the lowering of the tax rate of individuals receiving dividends to 10%. This lowering is very attractive for owners of legal entities. Also the taxes of legal companies (no sole proprietorship) will most probably be reduced to 20% in 2020.

As per July 1, 2018 the AZV Premium (Health Tax premium) has been reduced to 4% for pensioners. Also the small income allowance (for persons with small income) has been increase with Aruban Florins 24. .

The pension amount (paid by Aruba) will be increased as per January 1, 2019 to Aruban Florins 25 in case the pensioner is single. In case the pensioner is married the amount will be increased to Aruban Florins 42.

There are also plans to increase import and excise duties on To***co, wine and other distilled products (and gasoline). This has been called "sin" taxes by the Government. However, it is not yet clear how much the increase will amount to.

In case the parliament approves the tax reform then as of January 1, 2019 entrepreneurs may not mention the BBO on their invoices. Most probably this will also be applicable on the BAZV and BAVP (has not been announced yet).

The Government is also planning to introduce changes in the field of the Land Tax (Grondbelasting or Ground Tax). The challenge they have is how to change the rates without discrimination,

Regarding taxes I want to point out that tax payers do not only have obligations but they also do have rights.

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