Saint Martin (French part)

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About

Saint Martin (French part)

Capital
Official languages
Population
Currency

ISO 4217

Marigot

French

39,921 (as of July 2019)

Euro

EUR

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Economy

"Saint Martin (French part) is an overseas collectivity of France located in the Caribbean Sea. It has a population of approximately 38,000 people and a total area of 53 km2. The economy of Saint Martin is largely dependent on tourism, with the sector accounting for around 80% of the island’s GDP. The tourism industry is supported by the island’s beautiful beaches, warm climate, and vibrant culture. Additionally, the island has a thriving fishing industry, with exports of lobster, conch, and other seafood products. The island also has a small manufacturing sector, with the production of textiles, electronics, and other goods.

The economy of Saint Martin has been growing steadily in recent years, with GDP increasing by an average of 3.2% annually between 2015 and 2019. The unemployment rate in Saint Martin is low, at just 4.2%, and the poverty rate is also low, at just 8.3%. The government of Saint Martin has been working to diversify the economy and attract more foreign investment. In 2019, the government launched a new economic development plan, which includes initiatives to promote the development of the tourism sector, improve infrastructure, and attract more foreign investment.

Overall, the economy of Saint Martin is in good shape, with steady growth and low unemployment and poverty rates. The government is taking steps to diversify the economy and attract more foreign investment, which should help to ensure continued economic growth in the future."

Taxation

Saint Martin is a French overseas collectivity located in the Caribbean Sea, and as such, its taxation system is based on the French tax code.

Corporate taxation in Saint Martin is the same as in mainland France. Companies are subject to a corporate income tax (impôt sur les sociétés) of 28% on their profits, with certain exceptions and deductions. The corporate tax return must be filed annually before the end of May. Companies must also pay a local business tax (cotisation foncière des entreprises) based on the value of their property assets in Saint Martin.

Personal taxation in Saint Martin is also based on the French tax code. Residents of Saint Martin are subject to income tax (impôt sur le revenu) on their worldwide income. The tax rates vary depending on the level of income, with a maximum rate of 45%. Residents of Saint Martin are also subject to social security contributions.

Taxpayers in Saint Martin can file their tax returns online through the French tax authority's website. The tax calendar in Saint Martin is the same as in mainland France. The deadline for filing personal income tax returns is usually in May, with payments due in September. Corporate tax returns are due in May, with payments due in June.

It's worth noting that Saint Martin benefits from a specific tax regime called "ZRR" (Zone de Revitalisation Rurale), which allows businesses located in certain designated areas to benefit from tax exemptions or reductions. Additionally, certain investments made in Saint Martin may be eligible for tax credits or deductions under French law.

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