Curacao Maintaining 4.5% Turnover Tax Credit

On 18 October 2020, Curacao's Ministry of Finance announced that the 4.5% turnover tax credit for imports will be maintained until legislation for a new general consumption tax (Algemene Bestedingsbelasting - ABB) is introduced, which is planned to apply from 1 January 2021. The 4.5% credit is provided where imported goods are sold to another party and turnover tax has been paid in connection with the sale. The Curacao government had planned to abolish the credit in order to fund support mea…