WILLEMSTAD - The Tax Department recently released the revenues for the first quarter of 2024, indicating a remarkable increase in tax revenues. In the first three months of this year, the department collected over 400 million guilders.
This is not only an increase of more than ten percent compared to the first quarter of 2023 but also nearly 2.5 million more than originally budgeted.
The reduced corporate tax rates, now 15% for the first NAf 500,000 of taxable profit, have not led to a decrease in total tax revenues. In fact, up to April 2, over fifteen thousand provisional corporate tax returns for the year 2023 have been received, with a total declared tax liability of over 71 million.
This represents a slight increase compared to last year, where over fourteen thousand returns represented a total of just over 70 million guilders in tax liabilities. More importantly, there is a significant improvement in the percentage of taxes paid on time, from almost 65 percent last year to 85 percent this year.
In addition to corporate tax, other tax revenues also show positive developments. Payroll tax and turnover tax have yielded 8.5 million and nearly ten million more, respectively, than expected.
However, revenues from the Property Tax (OZB) are lower than budgeted by almost twelve million guilders, due to a delay in issuing the OZB assessments for 2024.
Social security contributions for the SVB have also shown a positive result, with almost 235 million in revenues, which is just under fourteen million guilders (6.2%) above the budget.