Published On: Wed, Jul 13th, 2016

Minister of Finance visits Kyoto, Japan – OECD BEPS process and Tax agreement United Arab Emirates

beps-oecd-groupKYOTO, WILLEMSTAD - As part of the aim to sustainably meet the highest international standards in the tax field, the Minister of Finance Dr. Jose Jardim has joined the Base Erosion and Profit Shifting agenda of the OECD.

In this context, the section with regard to the Common Reporting Standards concerning the automatic exchange of information has been already agreed upon. During the visit to Kyoto from June 29 to July 2, the Minister participated in the first meeting of the inclusive framework of the OECD with regard to the design of the BEPS process. The Minister has also signed the section on the countries automatic exchange of information or the MCAA on Country by Country Reporting.

The aim is to further shape the legitimacy of the financial center within Curaçao's jurisdiction, also taking into account the scale limits of the island's jurisdiction. The participation of Curaçao must ensure within the inclusive framework that this scale restrictions are included in the implementation phase of the BEPS agenda.

At the meeting of the OECD in Kyoto, there were also negotiations with the delegation of the United Arab Emirates. These negotiations were concluded with an agreement on the content of a treaty to avoid double taxation between the UAE and Curaçao. In particular, the development of the UAE as a logistics web in the world economy and its advanced financial sector offers Curaçao opportunities to act as a hub within the Latin American and Caribbean region.

This agreement also underlines the importance for Curaçao to pursue further cooperation within the region in order to improve the competitiveness of its jurisdiction.

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