Aruba 2023 Tax Plan Includes Corporate and Individual Income Tax Rate Reductions, a Turnover Tax Rate Increase, and Other Reform Measures

Aruba's Minister of Finance and Culture, Xiomara Maduro, reportedly presented the government's 2023 tax plan during a press conference held on 30 September 2022, including certain previously announced reform measures with some revisions. The measure of the tax plan include:

• Reducing the corporate income tax rate from 25% to 22%;
• Reducing each individual income tax bracket rate by 2%, resulting in bracket rates of 10%, 21%, 40%, and 50%;
• Increasing the individual tax-free amount from AWG 28,8…