The Tax Partners at ATLAS possess years of experience with a wide range of tax-related issues. Coming from backgrounds in tax advice, tax law, government, and the banking sector, they provide high-net-worth individuals and medium-sized and international enterprises with high-quality tax advice, using their combined experience and their technical expertise in the field of tax. Where possible, and if you so wish, they will seek advantageous tax compromises with the tax authorities; if necessary they will take recourse to legal measures to protect your tax interests.
Many people, both residents and foreigners, are investing in real estate property situated in the Caribbean territories of the Kingdom of the Netherlands. Additionally, a real estate property might be a business asset or it might be used for both private and business purposes and so qualify as a free-choice asset. Another common situation concerns resorts that are divided into timeshares.
As the population ages more and more, business succession is increasingly becoming a topical issue. A time will come when you wish to enjoy your well-earned retirement and pass on your business to your children, an employee, or a third party. Various possibilities exist for giving shape to a business transfer. For example, if a business is conducted by a company, the transfer might involve some or all of the shares in that company, or the company’s assets and liabilities.
Cross-border relocations give rise to numerous concerns. Besides issues such as residency and work permits, it is important also not to overlook the tax implications. This is even more the case for business owners. Emigration may result in a final tax assessment on the hidden reserves and goodwill in your enterprise at that moment.
Aruba’s tax jurisdiction includes facilities that can be used for structuring a wide range of activities, such as holding company, financing, and investment operations. For example, it is possible to opt for ‘tax transparency’: the company is ignored for tax purposes and all assets and income are allocated to the shareholder.
ATLAS’s client portfolio includes several hotels. Hotels encounter numerous tax issues. For example, they must not be late remitting the wage tax and social security contributions on the wages paid to their employees. The reparation allowance (reparatietoeslag) may be offset against these remittances.
At any given moment the possibility exists, or rather the risk, that your enterprise will receive an announcement that the tax authorities wish to conduct an audit. Your enterprise’s accounts and records might be scrutinized by one or more auditors. Many of these audits ultimately result in new or additional assessments. The tax authorities only seldom give the taxpayer the benefit of the doubt while at the same time imposing penalties.
Every year, the Caribbean territories of the Kingdom of the Netherlands welcome thousands of foreign employees, who visit here to work in temporary jobs, for example in connection with the construction or renovation of a hotel, maintenance work, or entertainment. Cross-border labor may give rise to an obligation to pay wage tax and/or personal income tax. Similarly, social security contributions may be payable also.
It is never pleasant to be at odds with the tax authorities. As such, it is generally preferable to seek a tax comprise, enabling you to focus purely on your business operations without wasting unnecessary energy on tax concerns. Sadly, this is not always possible. The tax authorities sometimes adopt an ‘intractable’ position.