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Aruba

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About

Aruba

Capital
Official languages
Population 
Currency

ISO 4217

Oranjestad

The official languages of Aruba are Dutch, Papiamento, and English.

103,484

Aruban Florin

AWG

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Economy

"Aruba is a small island nation located in the Caribbean Sea, and it has a thriving economy. According to the World Bank, Aruba's GDP in 2019 was $2.9 billion, with a GDP per capita of $25,845. The country's main industries are tourism, offshore banking, and oil refining. Tourism is the largest contributor to the economy, accounting for over 80% of GDP. The country also has a strong financial sector, with over 50 banks and financial institutions. Additionally, Aruba has a well-developed oil refining industry, which accounts for around 10% of GDP.

Overall, Aruba has a strong and diversified economy, with a high GDP per capita and a low unemployment rate of 4.2%. The country has a stable political environment and a strong commitment to economic development, making it an attractive destination for foreign investment."

Taxation

Aruba is a constituent country of the Kingdom of the Netherlands, and it has its own tax system. Here's an overview of taxation in Aruba:


Corporate taxation:

- Corporate income tax is charged at a flat rate of 25% on taxable profits. 

- Companies may also be subject to a 6% dividend tax when distributing profits to shareholders.

- There is no capital gains tax in Aruba.

- Companies with annual gross income exceeding AWG 500,000 are required to file quarterly tax returns, while those with gross income under AWG 500,000 file annually.


Personal taxation:

- Residents of Aruba are subject to a progressive income tax, with rates ranging from 6% to 40% based on income.

- Non-residents are taxed at a flat rate of 25% on their Aruba-sourced income.

- There is no inheritance or gift tax in Aruba.

- Individuals are required to file tax returns annually, due on March 31 of the following year.


Value-added tax:

- Aruba has a value-added tax (VAT) system called the General Sales Tax (GST), which is charged at a rate of 6% on most goods and services.

- Businesses that make taxable supplies in excess of AWG 100,000 per year are required to register for GST.


Tax calendar:

- The Aruban fiscal year is the calendar year, beginning on January 1 and ending on December 31.

- Corporate tax returns are due on March 31 of the following year, with quarterly installments due on the last day of March, June, September, and December.

- Individual tax returns are also due on March 31 of the following year.

- GST returns are due monthly or quarterly, depending on the size of the business.

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