Penshonado deal gone in four years

THE HAGUE--The so-called penshonado-arrangement in Bonaire, St. Eustatius and Saba will be eliminated in four years instead of five years, announced Dutch caretaker Minister of Finance Jan Kees de Jager today.

De Jager on Friday sent a third Note of Amendment (Nota van Wijziging) on the new fiscal system for the islands to the Dutch Second Chamber. Parliament discussed the new fiscal regime, which goes into effect per January 1, 2011, on Monday.

In the Note of Amendment, the Minister also introduced a higher tax tariff of 35.4 per cent for people earning an annual income above US $250,000. This is higher than the general tariff of 30.4 per cent. The 35.4 per cent will only be levied over that part of the income that exceeds US $250,000.

With these two changes, De Jager has accommodated the liberal democratic VVD party, which submitted an amendment to have the higher incomes pay more taxes and to eliminate the penshonado-arrangement.

De Jager further added a yearly allowance of US $200 for the elderly. This would prevent that the financial position of persons over the age of 60 would deteriorate under the new fiscal system.

27 September 2010

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