WILLEMSTAD - The tax authorities have released a positive financial report for July 2024, showing that combined revenues exceeded the budget by over 19 million guilders. This result is attributed to higher-than-expected tax and premium revenues. Tax revenues increased by 4.2 million guilders, while premium revenues were 15 million guilders higher than originally anticipated, according to the Ministry of Finance.
The figures for the entire year of 2024 indicate strong growth, according to the ministry. “So far, total tax revenue amounts to 849.9 million guilders, which is 2% higher than budgeted and 7.2% more than in the same period in 2023. Premium revenues reached 542.3 million guilders, an increase of 9.1% compared to the budget and 12.4% higher than last year. Additionally, sales tax on imports, collected by customs, increased by 13.7% to 96.2 million guilders, compared to 84.6 million guilders in 2023,” the ministry stated in a press release.
According to the ministry, tax revenues continue to grow due to improvements in tax compliance. Supported by the tax authorities, SBAB, and customs, additional income has been generated. “These funds have contributed to projects such as road paving, providing extra subsidies to healthcare institutions, and paying overdue wage increases to civil servants,” the ministry reported.
Thanks to improved tax compliance, the number of businesses paying monthly sales tax has increased from 4,100 in 2021 to over 6,000 in 2024, an increase of nearly 50%. The tax authorities acknowledge that there are still taxpayers who do not pay their fair share. “The tax authorities are determined to continue with the current policy and to implement further improvements,” the statement concluded.