Minister of Economic Affairs met with Chamber of Commerce Regarding latest developments for Aruba’s economy

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Last Thursday, the 29th of September a monthly meeting took place between the Chamber of Commerce of Aruba (KvK) and the Aruban minister of Economic Affairs, Communication and Sustainable Development, mr. Geoffrey Wever.

During this meeting, information was shared on the latest developments for the economy of Aruba as a whole, keeping close ties with stakeholders in order to guide our economy in the right direction.

During the meeting, they discussed the new Vestigingsbeleid (location policy for businesses), announced last week, as well aspects touching on the introduction of an increase on the BBO (Belasting op bedrijfsomzetten, tax on business turnover) regarding the ongoing fiscal reform. At the same time, they elaborated on the fact that starting January 2023, the UBO-Register in Aruba will begin. This is the Ultimate Beneficial Owner Register, which will be introduced in order to ensure that Aruba continues complying with international recommendations from the Financial Action Task Force (FATF).

 

FATF is an international organization which monitors criminal activities of money laundering and financing for terrorism and proliferation. The law regarding the introduction of UBO-Register passed Parliament a few months ago, and currently this is being coordinated together with the Chamber of Commerce in order to define the last details before the introduction date of 1st of January 2023.