US Party talks tax at its first meeting

COLE BAY–United St. Maarten Party (US Party) hosted its first public meeting in Cole Bay on Saturday evening. Leader of the party Member of Parliament Frans Richardson said the magnitude of economic devastation St. Maarten faces requires serious medium- to long-term initiatives and incentives to attract new business and investors.

The turnover tax (ToT) is a burden that does not help the business sector in its recovery after Irma, Richardson noted. It is also a tax which many businesses, already under strain, avoid and for which they change their economic behaviour. Consumers (to whom the ToT is passed on indirectly) want products that are not costly, so they bypass local businesses and import products.
“Drastic economic shocks from disasters such as Irma require drastic change to fiscal policies that will reduce cost for consumers, put more disposable income in their pockets, while still presenting incentives for new business, small, medium and large. The US Party will move on these actions in the time frame outlined. With careful planning and study, our initiatives will be bold and practical,” stated Richardson.
US Party candidates will be in Dutch Quarter on Tuesday for a Townhall Meeting starting 7:00pm. All residents of Dutch Quarter are invited to speak to the candidates.

Source: The Daily Herald