US Party proposes profit tax break for local entrepreneurs

PHILIPSBURG–The United St. Maarten Party (US Party) says it will enact a five-year profit tax break for young local entrepreneurs who invest in up and coming fields of business. Among the areas considered “up and coming” are agro-farming, e-zoning, technology and automation.

Party leader Member of Parliament (MP) Frans Richardson said in a press statement issued Thursday: “We are very serious about this. We don’t say things just to sound nice in an election year. It’s past time to do this for our people.”
The five-year profit tax break is part of the party’s 2016 Manifesto. The party describes “local” as persons born in St. Maarten/St. Martin of Dutch nationality and persons with permanent residency.
“There must be tax incentives for our people not just to survive in year-one of their business, but at least to grow that business into a success story for five good years,” Richardson said.
A lot of young people want to be self-employed, but even before they get off the ground properly they are confronted with a letter from the Tax Inspectorate by the 15th of the month about tax payments, Richardson said. “If a Government can give incentives to foreign investment, then giving incentives to local entrepreneurs should be second nature,” he added.

Source: Daily Herald
US Party proposes profit tax break for local entrepreneurs