Small businesses with KOR2022 status should submit their declaration for 2022 by January 16, 2023

ORANJESTAD – The Tax Department reminds all small businesses with the small business arrangement (KOR) status for 2022 that the deadline to submit their BBO/BAVP y BAZV 2022 is January 16, 2023.

Failing to submit these in time or submitting these will result in the revoking of the KOR status automatically.

Declaration Obligation

Although small businesses with KOR status are not required to submit the BBO/BAVP/BAZV forms every month, they are obliged by law to submit these by the end of each fiscal year. This way, the inspector can evaluate if the yearly revenue was more or less than Afl. 84.000,00 in 2022, as this is the limit for 2022 for the KOR status. For 2023 this amount will be Afl. 50.000,- according to the new regulations recently adopted in the Tax plan 2023.

How to submit declarations?

Small Business Arrangement (KORSmall businesses declare their revenue for 2022 through the digital declaration form for BB0/BAVP and BAZV available on the BO impuesto portal.

The Tax Department urges BOi users who have not used this app for a while to log in as soon as possible to verify if their password is still active. If expired, the user should address it to avoid any problems submitting the BBO/BAVP/BAZV declarations. For any questions, contact 5227437 or send an e-mail to boi@impuesto.aw.

How to declare?

Here is an example of how a small business should submit a declaration under normal circumstances.

Sales volume 2022                         Afl. 58.000,00

Please fill declarations as follow:

Exempt turnover:               Afl.           0,00 (nihil)

Taxed turnover BBO and BAVP:  Afl. 58.000,00

Taxed turnover BAZV:          Afl. 58.000,00

The automated system will calculate the tax sum. In the case of a KOR status, the system will calculate a tax of zero florins since the sales volume is below the sales volume of Afl. 84.000,00 per year. Please note that you do not fill out the Exempt turnover as this is not applicable for businesses with KOR status. This section s only applies to companies that have tax exemptions according to the law.

Deadline to submit a tax declaration

All small businesses with KOR 2022 status should declare their annual turnover for 2022. The deadline is January 16, 2023. Submissions after January 16, 2023, or failing to submit these documents will automatically result in the small business losing the KOR status. As a result, the small business owner must submit BBO/BAVP/BAZV forms monthly and pay monthly, like any other regular business.

The Tax Department urges all businesses with KOR status to comply with the BBO/BAZV/BAVP declarations for 2022 timely to avoid unnecessary expenses.

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