On 30 May 2014, Law No. 43/2014, which amends the deemed profits calculation for insurance companies, was published in Curacao's Official Gazette. The change applies retroactively from 1 January 2013. Under the law, the deemed profit of insurance companies resident in Curacao is 5% of all gross premiums and capital received in regard to foreign risk insurance activities. It has no effect on domestic risk insurance activities. The same rate is used in determining the deemed profits of both life insurance activities and general insurance activities and applies to both residents and permanent establishments in Curacao.