PHILIPSBURG:--- Member of Parliament, Sarah A. Wescot-Williams, has formally written to the Minister of Finance, Marinka Gumbs, requesting that the Government urgently seek the views of the Central Bank of Curaçao and Sint Maarten (CBCS) on the viability and feasibility of a proposed transaction tax for Sint Maarten.
Wescot-Williams noted that the idea of a transaction tax continues to dominate discussions on fiscal reform and public finance. “While some see this tax as a cure-all for our budgetary challenges, I have expressed concern that -particularly at the rates being discussed- it could have a distortionary impact on the economy,” the MP stated.
She emphasized the importance of expert and data-driven input before any political or legislative decisions are made. “This is not a debate to be driven by emotion or convenience,” she said. “We need to understand its implications for consumers, businesses, and competitiveness, and that requires the technical insight of the Central Bank.”
A transaction tax, sometimes referred to as a financial transactions tax (FTT) or banking turnover tax, is a levy imposed on the value of transactions such as deposits, withdrawals, or payments. Such taxes are administratively simple to collect but can have unintended consequences, including increased costs of doing business, reduced banking activity, and price inflation if applied broadly. Internationally, transaction taxes have been implemented in countries such as Brazil, India, and several European Union members, but often with mixed outcomes, success in revenue generation but challenges related to economic distortion and financial inclusion.
Wescot-Williams reiterated that fiscal reform must be comprehensive, addressing both efficiency and equity. “Sint Maarten’s tax reform should aim to broaden the base, simplify compliance, and stimulate growth, not discourage it. The transaction tax discussion must take place in that wider context, guided by expert advice.”
PHILIPSBURG:--- The National Recovery Program Bureau (NRPB) has recently relaunched the bidding processes for repairs to 12 school gyms and 13 public sports facilities, as well as the construction of the new Emergency Operations Center (EOC). These activities form part of the final works under Emergency Recovery Project I (ERP-1), aimed at restoring and strengthening public infrastructure and disaster preparedness.
PHILIPSBURG: --- Minister of Tourism, Economic Affairs, Transport and Telecommunication (TEATT) Grisha Heyliger-Marten says her ministry is actively pursuing new funding opportunities and policy reforms to strengthen agriculture, animal husbandry, and food sustainability on St. Maarten.
PHILIPSBURG:--- During Wednesday’s Council of Ministers press briefing, Minister of Justice Nathalie Tackling reaffirmed her commitment to accountability, transparency, and integrity in the execution of justice-related duties, emphasizing that the ministry continues to take steps to restore and strengthen public trust in law enforcement institutions.
PHILIPSBURG:--- Minister of Justice Nathalie Tackling has clarified that recent discussions with the business community about funding public safety initiatives are not requests for donations but a response to offers of partnership from local stakeholders. Speaking during Wednesday’s Council of Ministers press briefing, Minister Tackling emphasized that the initiative was driven by the private sector’s willingness to assist in addressing Sint Maarten’s growing security concerns.