Ministry of Finance

The objective of the Ministry of Finance is to represent the internal affairs of the country in the fields of finance, fiscal and monetary affairs, the banking sector and the participations (deelnemingen) policy of the country.

Mission statement: "To balance income and expenses of the country with the aim to improve fiscal health and provide public services for one and all."

Download the program of Finance

New: Presentation Parliament Year Plan 2017 of Finance

 

Minister of Finance
Richard F. Gibson Sr. E-mail cabinet +1721 5206077
"A country's wellbeing depends on its financial health."

Promote integrity and transparency

Initiative Project
Address integrity and increase transparency and accountability within government
  • Finalize the adaptation of the National Accountability Ordinance and general national decrees
Strengthen provisions and access to information by the public
  • Maintain weekly press briefings
Review and strengthen relations with government owned companies, foundations and ZBO's
  • Promote and monitor improvement of operations efficiency and transparency
  • Review the legislative framework that governs the Corporate Governance Council and Corporate Governance Code
  • Review the articles of incorporation

Provide responsive public services

Initiative Project
Improve efficiency and effectiveness
  • Reduce bureaucracy and publish standardized procedures
  • Ensure inter-ministerial collaboration, tripartite processes, and consultations with key stakeholders and the public

Upgrade government operations

Initiative Project
Strengthen strategic planning and develop monitoring and evaluation frameworks
  • Ensure that each ministry creates plans as extrapolated from the multi-annual budget in conformity with a standard format
  • Ensure each ministry has a research agenda and monitoring and evaluation framework attached

Strengthen international affairs and foreign relations

Initiative Project
Promote Sint Maarten internationally and seek partnerships
  • Address treaties

Nurture inclusion

Initiative Project
Ensure the implementation of the Sustainable Development Goals
  • Focus on the remaining targets and objectives of the Sustainable Development Goals
  • Review and execute the recommendations made by relevant government commissioned work groups

Improve tax office, fiscal policy and compliance

Initiative Project
Invest in the Tax Office to achieve more efficiency
  • Invest in housing (office spaces), training, staff and IT
  • Improve the ICT system of the Tax Inspectorate and Receivers Office
  • Introduce online filing and other online services
  • Fill critical vacancies
  • Improve communication between tax inspectorate, receiver and tax payer
  • Increase tax awareness and access to information on persons? rights and obligations
  • Provide structural assistance to tax payers
Improve compliance
  • Integrate the Tax Inspectorate and Receivers Office and provide better (online) services
  • Improve the collections of taxes, social security contributions and fees
  • Encourage a tax compliance culture
  • Introduce measures to improve liquidity position
  • Further collaborate among the existing control units to pool resources
  • Automate the process of procuring permits and licenses for all ministries
Review fiscal policy
  • Further develop the framework approved by Council of Ministers on tax reform e.g. lower Income Tax, lower Profit Tax, shift to more indirect taxes and broadening the tax base in to a proposal for overall tax reform
  • Simplify the tax system

Secure a balanced budget and responsible spending

Initiative Project
Cultivate a disciplined financial management culture within government
  • Review internal control mechanisms and mitigate overspending
  • Intensify the control and audit processes within government
Continue to seek efficiency in government and strengthen enforcement of policies
  • Review the possibilities to increase the pension age for civil servants from 62 - 65
Implement income generating measures
  • Implement drivers' permit fee for tourists
  • Implement an environment impact fee for tourists
  • Pursue legislation to raise revenue on placement of signs
  • Introduce a national lottery for Sint Maarten
Introduce, review and enforce the collection of fees and debts
  • Finalize, introduce and regulate garbage collection fee
  • Finalize a sewage collection levy
  • Regulate and improve collection of study finance debt
  • Enforce collection and review the casino fees
  • Assess and increase all monetary sanctions
  • Implement departure fee

Optimize the monetary system

Initiative Project
Improve the functioning of the local branch of the Central Bank of Cura?ao and Sint Maarten
  • Improve the general capabilities of the local division
  • Ensure qualified personnel are available to supervise the financial institutions operating on Sint Maarten
  • Pursue the construction of a new building

Regulate socio-economic and environmental sustainability

Initiative Project
Implement legislation and policies in Economic Affairs
  • Regulate and enforce the financial and banking regulations

Stimulate economic growth and development

Initiative Project
Intensify economic development
  • Finalize the establishment of the Sint Maarten Development Bank
Support and promote local entrepreneurship and small and medium sized enterprises (SME) sector
  • Encourage the establishment of new industries by reviewing the possibilities to provide a 5-year tax break to new established companies
  • Propose tax incentives to promote the SME sector

Responsible energy production and consumption

Initiative Project
Stimulate and support clean, renewable and affordable energy and water management infrastructure and initiatives
  • Stimulate the introduction of electric vehicles and other sustainable cars

Promote sports and wellness within communities

Initiative Project
Stimulate healthy eating
  • Propose tax on tobacco and alcohol
  • Propose a tax on certain sugar products in collaboration with stakeholders