WILLEMSTAD – Curaçao’s tax and premium revenues have significantly outperformed expectations in the first seven months of 2025, coming in 84.6 million guilders above the government’s budget forecast, according to new figures from the Ministry of Finance. 

Tax revenues alone exceeded projections by 39.4 million guilders, representing a 4.4% increase over expectations, while social premiums were 45.2 million higher—a jump of 8.6%. 

Strongest Growth in Turnover and Profit Taxes 

The largest year-on-year growth was recorded in turnover tax, which rose by 34.4 million guilders compared to 2024, an increase of 9%. Profit tax collections surged by 19.9 million, or 22.4%, while transfer tax revenues climbed by 5.8 million, up 26.5%. The Ministry of Finance attributes the increase in transfer tax to a rise in both the number and value of real estate transactions. 

Property tax (OZB) also delivered a notable boost in July. Revenues reached 15.3 million guilders—well above the 7.8 million forecast—thanks to the recent mailing of the 2025 OZB assessments. This puts cumulative property tax collections through July back in line with 2024 levels. The ministry expects further gains when the first income tax refunds for 2024 are processed, as these will be offset against outstanding property tax bills. 

Sector Trends: Hospitality and Finance Lead Growth 

The hospitality sector recorded the strongest relative growth, increasing its share of total tax and premium revenues from 9.3% in 2024 to 9.9% in 2025. The financial sector, the island’s largest direct contributor, also expanded its share from 21.2% to 21.6%. 

The total number of businesses contributing to tax and premium revenues rose from 16,435 in 2024 to 17,885 in 2025. The largest increases were seen in wholesale and retail trade (+355), hospitality (+339), and construction (+309). However, the ministry noted that a higher number of paying businesses does not always translate into a larger share of overall revenues. For example, the share of wholesale and retail trade dipped slightly from 16.5% to 16.4%, while construction’s share remained steady at 3.7%. 

The Ministry of Finance says the stronger-than-expected performance reflects both economic activity and improved compliance, and will provide additional fiscal room for the government’s budget planning.