Report Tax and Duty Free Shop in Curaçao presented to Minister of Finance
WILLEMSTAD - Recently the President of the Chamber of Commerce Billy Jonckheer and a delegation of businessmen, presented the report Tax and Duty-Free Shopping in Curaçao to the Minister of Finance Dr Jose Jardim. The research was carried out as part of an evaluation and an incentive for the competitive position of Curaçao as regards to the buying behaviour of tourists in the region and on the island in particular. The research showed that tourists spend less in Curaçao because of the tax and excise duty rates and the few selection of famous brands. The report holds several proposals to improve the competitive position.
Proposal to introduce "Tax and Duty Shopping 'in Curaçao
To boost an economic growth in Curaçao it is proposed to market Curaçao as a centre for tax and duty-free shopping. By doing this the island can better compete with countries in the region, cruise ships and airports. Cruise ships are becoming a major tax-free shopping mall, while tax and duty-free shopping at airports is also a big competition for local shops.
The proposal of promoting the island as a tax and duty-free center will increase the offer of branded products and will make buying attractive. The initiative will give immediate boost to the retail and tourism industry, catering and create new jobs. This initiative will also prevent shops to close their doors because of external competition. Depending on which implementation strategy is chosen, it is estimated that the initiative will generate more revenue for the tax authorities than is the case if no adjustments are made to the existing structures.