PHILIPSBURG: --- The tax tables for 2023 have been completed, approved, and will be published this week, says the Minister of Finance, Marinka Gumbs.
These tables should ideally be published before the start of the year to ensure they are incorporated into payroll systems for accurate tax calculations, which prevents taxes from being underpaid. The Department of Fiscal Affairs is currently working on finalizing the tax tables for 2024 and 2025, which are expected to be completed, approved, and published in the first quarter of 2025. For the Ministry of Finance to establish the tax tables, the Ministry of VSA must first determine the minimum wage. Addressing this has been a priority, as there were legal discrepancies in how minimum wages were established in previous years, which caused delays in legally finalizing the minimum wage and, consequently, the tax tables, the minister explained.
The minister said collaborative meetings were held to expedite the resolution of this issue.
Effective April 2024, the minimum wage was set at 10.40; as of January 1, 2025, it will increase to 10.86. With this information, the Ministry of Finance can now create and publish the tax tables.
Timely completion of tax tables is essential for compliance with tax regulations.
Delays, such as completing tables two years after the relevant year, lead to inefficiencies and additional work for the tax office when conducting tax assessments. This issue is particularly pronounced given the lack of digitalized systems and the extensive manual work.
For road tax for 2015, the receiver's office will continue using the current license plates and QR-code sticker system for vehicles.
However, efforts are underway to enhance the online payment system for vehicle tax. Previously, delays in receipt issuance and limited payment options were common issues. For 2025, the government aims to streamline this process, making it more efficient and convenient. Vehicle tax payments will commence in January 2025, with fees remaining unchanged from 2024. However, for 2026, the government
plans to adjust fees based on factors such as vehicle weight and personalized license plates. In collaboration with the Minister of Justice, measures will be established to ensure compliance, including scheduling controls to verify road tax payments for 2025.
