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16 October 2003
One of the principal reasons for the bill's adoption was a July 17 2002 ruling of the Joint Court of Appeal of the Netherlands Antilles and Aruba, which held that the Central Bank of Aruba was not entitled to collect foreign exchange tax on payments abroad which were not made through a foreign exchange bank or exchange office. The court further held that no foreign exchange tax was due on electronic payments denominated in a foreign currency and on settlements in current accounts to foreign countries, given that such payments were not explicitly included in the definition of 'currency' in Article 1 of the Foreign Exchange Tax Ordinance in force at the time of the ruling.
The main objective of the bill is to remedy these deficiencies in the Foreign Exchange Tax Ordinance.
The most important changes to the Foreign Exchange Tax Ordinance are as follows:
For further information on this topic please contact Anjli Finessi at Loyens & Loeff's Aruba office by telephone (+297 5824 837) or by fax (+297 5835 214) or by email (firstname.lastname@example.org). Alternatively, contact Angel Gomez Osorio at Loyens & Loeff's Curaçao office by telephone (+599 9 434 11 00) or by fax (+599 9 465 15 18) or by email (email@example.com).
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