SZV audit team collects extra NAf. 28 million in premiums

PHILIPSBURG–Audit Team St Maarten (ATS), which was established by Social and Health Insurances SZV in January 2016, has helped the insurance service provider collect more than NAf. 28 million additional in social premiums last year for the various social security funds managed by SZV.

ATS visited more than 5,000 companies in 2016. SZV said about 500 companies still have company mutations to submit to be fully up to date in the administration of SZV.

The increase in premium collections for the Sickness and Accident Funds for example has been 21.1 per cent in 2016 since ATS started its activities to increase compliance from companies with employees who, by law, are obliged to pay the legally indebted social premiums to the SZV. The high collection numbers, SZV said, are a direct result of the restructuring of SZV and of the close and structured collaboration amongst employees of SZV, ATS and tax auditing foundation SBAB.

ATS’ main objective is to increase compliance in and to promote the regular payment of legally indebted social security premiums ensuring in this way that all companies pay their fair share in accordance to the social security ordinances.

The goals set by ATS for 2016 were to increase the collection of social premiums, to heighten awareness in complying with all the stipulations of the social security ordinances and to offer all companies support with administrative overviews of the different premium payments and with correct and complete registration of their company. ATS’ support service entails detailed reporting and correct processing of the administrative mutations at SZV and at companies.

“The collaboration between ATS and companies has been very good so far. Many companies are now more up to date with their social laws administration and in complete compliance with their social premium payments,” SZV said in a press release on Tuesday.

ATS is calling on all companies to cooperate in providing up-to-date company mutations to SZV. “This collaboration will ensure correct processing by all parties of the calculations and payment of social premiums, and will as such increase compliance.”

Companies that would like to submit a company mutation, such as a change of address or their contact information, can do so by contacting SZV directly at email: via [email protected]/* */ or by calling tel. +1 721 546 6782.

In the past the audits were outsourced to the SBAB Audit Services of Curaçao. The Audit Team SXM (ATS) was established by SZV because it became clear that outsourcing was no longer necessary as the auditing could be managed locally.

ATS currently employs five St. Maarteners and is still building up its team further to reach the required minimum formation necessary to service the SZV and all companies in SXM. In the build-up of the team ATS will receive support of the SBAB for training of its staff and for its operations. As ATS expands, more vacancies will be available for local employees willing to have an attractive career in the financial auditing sector.

Source: The Daily Herald