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Aruba 2023 Tax Plan Includes Corporate and Individual Income Tax Rate Reductions, a Turnover Tax Rate Increase, and Other Reform Measures

11 October 2022

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Proposed Changes

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Aruba

Aruba's Minister of Finance and Culture, Xiomara Maduro, reportedly presented the government's 2023 tax plan during a press conference held on 30 September 2022, including certain previously announced reform measures with some revisions. The measure of the tax plan include: Reducing the corporate income tax rate from 25% to 22%; Reducing each individual income tax bracket rate by 2%, resulting in bracket rates of 10%, 21%, 40%, and 50%; Increasing the individual tax-free amount from AWG 28,861 to AWG 30,000 (previously planned to increase to AWG 36,000); Increasing the turnover tax (BBO) rate from 1.5% to 2.5% (previously planned to...