July 31st, 2024 is the final day to submit the final profit tax return for 2023 and make the corresponding payment.
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At the request of the Association of Tax Advisors, the Tax Department has decided to give taxpayers a bit more time due to the introduction of the new digital form. Therefore providing all taxpayers, including their tax advisors, an additional month to comply. The final date for submitting the final profit tax return for the year 2023 and paying the tax due has been extended to July 31st, 2024 (originally July 1st, 2024). This was announced in a news release on the Departamento di Impuesto (Hereinafter: “DIMP”) website.
Extension
The final day to submit the profit tax return and make the corresponding payment for the year 2023 is now July 31st, 2024. If it is not possible to submit the final profit tax return by July 31st, a provisional profit tax return and the corresponding payment must be submitted no later than July 31st, 2024. The Inspector will evaluate the request, and if the taxpayer meets the conditions for an extension, the final day to submit the final profit tax return and make the corresponding payment will be December 2nd, 2024.
Failing to Submit
Taxpayers who fail to submit the final profit tax return will receive an assessment including a fine. The same applies if the taxpayer has paid an amount less than what was declared in the profit tax return. The fine for failing to submit the tax return is a maximum of Afl. 2,500. If the taxpayer does not pay the profit tax or does not pay it correctly, the fine is a maximum of Afl. 10,000. The Tax Department advises all profit taxpayers and/or their tax advisors not to wait until the last minute to submit the return and make the corresponding payment to avoid an additional assessment and the fine for non-compliance.
Declaration
As is known, starting from the tax year 2023, profit taxpayers have the obligation to submit their declarations digitally. The digital tax return forms for the 2023 tax year have been available in the digital tax return portal ‘BO impuesto’ (BOi) on the DIMP website since May 16th, 2024, as announced by DIMP in early May. This also means that paper submissions are no longer an option. The Tax Department will no longer provide the profit tax declaration form in paper format and will not accept requests for it.
Account
With the shift to digital filing, every profit taxpayer must have a BOi account to log in and complete their tax return. If using a tax consultant, the consultant must be formally authorized.
Each taxpayer is the main administrator of their BOi account, with their own username and password. If they have a tax advisor, they need to assign the advisor within BOi for access to assist with the tax declaration. For companies or individuals setting up a BOi account for someone else or their advisor, a special authorization letter is required. This letter is available on the website, www.impuesto.aw.
Contact
Our team of seasoned tax practitioners can assist you with the filing of your profit tax return for your business in Aruba.
Should you have any questions regarding this announcement, please do not hesitate to contact us. Our team would be more than happy to assist you with your questions.
Key Contact
Vivian Pieters