Services

Personal Income Tax Return

Preparing your personal income tax return can be a tedious task that leaves you with more questions than answers. Not filling in the respective items or amounts correctly may alter your returns. Each person requires a different approach as financial situations vary. It is easy to overlook deductions and credits to which you are entitled.

PACS assists their clients by accurately completing their tax return forms for current and previously unfiled years.

Save time by avoiding standing in long lines at the Tax Office, Receivers Office and Social Health Insurances (SZV).

Wage Tax Reductions

Each pay period, wage tax is withheld from your salary which decreases your Net salary (take home amount). At the end of the year when you file your income tax you may receive a refund on the taxes that were withheld from your salary.

Why wait until the end of the year to file your income tax and wait another 2 years before receiving a refund?

You can receive relief immediately. Yes it is possible. If you have tax deductions such as loan/mortgage interest or life insurance premiums you can request a reduction on your wage tax amount.

If too much wage tax is being withheld from your salary, PACS can assist you with a request for reduction in wage tax (Verzoek om vermindering van loonbelasting).

Objecting Assessments

Did you receive an assessment letter in the mail stating that you owe a ridiculously large amount? Often times this can be due to the incorrect filing taxes or not filing at all. If the amounts do not seem accurate, Principle Accounting & Consulting Service B.V., with expert analysis and expertise can assist in the possible reduction or complete elimination of assessment amounts due.

Company Registration & Maintenance

When setting-up and maintaining operations in St. Maarten, it is extremely important that companies fully understand and maintain full compliance with regulations at all times. Principle Accounting & Consulting Service B.V. is aware of underlying policy trends and relevant current regulations, which allow us to assess the impact on our clients and recommend requisite changes.

PACS assists clients in setting-up:

• Sole proprietorships
• Public liability company (naamloze vennootschap or NV)
• Limited liability company (besloten vennootschap or BV)
• General partnership
• Limited partnership
• Nonprofit organizations (NGOs)
• Private foundation
• Private partnership

We also provide annual filing of returns, license changing and other administrative requirements:

• Application for company name through the Chamber of Commerce
• Assist in business license request
• Registration with other relevant government departments

Business Tax

St. Maarten’s tax laws and regulations change constantly, and busy business owners and finance department managers are not always current with new tax legislation. At Principle Accounting & Consulting Service B.V., we provide timely tax advice, which minimizes the chance of receiving a penalty.

Let PACS take care of your business tax requirements such as:

• Turnover Tax (TOT)
• Wage Tax (LB)
• Old-age Pension (AOV)
• Widows, Widowers and Orphans Pension (AWW)
• General Insurance Special Medical Costs (AVBZ)
• Sickness Insurance (ZV)
• Accident Insurance (OV)
• Profit Tax (WB)
• Severance Pay

Payroll and Reporting

When it comes to calculating how much to pay employees and understanding , St. Maarten labor laws and tax laws; the payroll function can be a time consuming nightmare for business owners. We offer payroll solutions that meet your business’ needs.

The benefits of letting PACS administer your payroll are:

• Accuracy
• Professional advice
• Cost effectiveness
• Time management

We will ensure that your company has accurately and timely administered payroll and filed your taxes.

Accounting & Bookkeeping

Regularly maintained bookkeeping enables you to keep track of how your business is running. Principle Accounting & Consulting Service B.V can collect, compile and interpret your company’s raw financial data into a clear format. We advise management of decision-making based on the results of the reports. Investors, financial institutions and government entities actively use these reports to measure the financial health of your company.

PACS provide timely reporting to our clients based on their needs:

• Annual reporting
• Monthly reporting
• Quarterly reporting
• Reports for Nonprofit organizations’ monthly obligations to government or other financing entities

Principle Accounting & Consulting Service B.V. also provides bank reconciliation service for clients who maintain their own books. Having PACS reconcile your bank accounts allows us to ensure you are maintaining a clean general ledger. The general ledger is the core of your company’s financial records. An accurate general ledger means that you can trust the generated financial reports.

Services offered:

• Accounts Payable
• Accounts Receivable
• Bank Reconciliation
• Bookkeeping Clean Up
• Custom Reports
• Generate reports: Balance Sheet, General Ledger and Income Statement

Budgets & Cash Flow Preparation

Many businesses focus on their current cash amount and may overlook future expenditures. PACS can provide forecasts and assess your cash flow and financial requirements, preparing you for a stable financial future and success in St. Maarten’s business economy.

QuickBooks Support

QuickBooks Setup

We can visit your office and assist in the implementation of your QuickBooks software.

QuickBooks Training & Consulting

We provide training to equip you to make the best use of your software. We are available to consult with you, if you have any questions concerning the operation of the software.

Advisory

Some of the advisory services that we offer address the financial, organizational, operational, strategic and information technology challenges you face that hampers your business’ efficiency and overall financial success.

We provide a broad range of additional personal and business consulting services. We recommend a scheduled appointment to our offices so that we may evaluate your individual business needs.