Curaçao did not have a legal Transfer Pricing documentation requirement until January 1, 2017.

In 2018, the Curaçao government passed bills of legislative amendments in June that will enable it to comply with its commitments to implement the minimum BEPS project standards.

Related Parties

Entities belonging to the same group are related parties. Conversely, a related party transaction also refers to transactions between entities not belonging to the same group but in which the same person directly or indirectly participates in the management, supervision, or capital of both entities.

Transfer Pricing Methods

In order to determine the market value of related party transactions, one of the following five methods may be employed:

  • Comparable Uncontrolled Price Method.
  • Cost Plus Method.
  • Resale Price Method.
  • Profit Split Method.
  • Transactional Net Margin Method.

Transfer Pricing Documentation

Country-by-Country Report

Under the new legislation, the taxpayer must file a Country-by-Country Report to the Curaçao Tax Authority in the following circumstances:

  • When the multinational group has accrued income exceeding ANG 1,500,000,000 in the taxable year prior to which the statement corresponds; and
  • When the Curaçao entity operates as a parent entity or a similar entity of a multinational group.

The Curaçao reporting entity must provide the Country-by-Country Report to the Tax Inspector within twelve months after the last day of a tax year.

Master File

Under the new legislation, the taxpayer must file a Master File and a Local Report to the Curaçao Tax Authority under the following circumstances:

  • When the multinational group has an invoicing equal to or greater than ANG 100,000,000 in the year directly preceding the related fiscal year; and
  • When at least one entity of the multinational group is a Curaçao company.

A Curaçao entity must file a Master File and a Local Report within the deadline for filing the tax return.

Related Penalties

Penalties will range from ANG 100,000 to ANG 250,000 for non-compliance or incomplete filing.

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 Author:       Wolfgang Hartl
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