Minister of Finance 1-Year Recap

SINT MAARTEN (GREAT BAY) - One year of progress. Minister of Finance, Hon. Marinka J. Gumbs and her team highlight 27 key accomplishments achieved in strengthening St. Maarten’s financial future. Proud of the progress so far and focused on what’s next.

1. Finance Fridays
   The Minister of Finance Ms. Marinka J. Gumbs has continued her popular “Finance Friday” initiative, allowing citizens to walk in on the last Friday of each month between 9:00 a.m. and 12:00 p.m. to raise concerns, ask questions, and receive direct assistance from the Minister of Finance.
2. Budget 2025
   The 2025 Budget was prepared, submitted, and defended with a strong emphasis on fiscal responsibility, economic resilience, and realistic multi-year projections. Even though the 2025 budget completion had some challenges the Minister was able to overcome these and have this budget approved.
3. Financial Literacy Month
   The Ministry led a full month of financial education activities throughout November, empowering the public to make informed money decisions. A total of eight sessions were held, covering practical topics such as understanding your payslip, filing income tax, taxation of real estate, interpreting income tax assessments, and budgeting basics.
4. Introduction of Purchase Orders
   Purchase Order (PO) procedures were implemented to streamline government purchasing, strengthen financial controls, and enhance overall transparency. This new system also supports more timely payments to vendors, addressing long-standing issues where payments were delayed due to incomplete checks and balances.
5. Financial Audit OZR
   A full audit of the OZR (Health Cost Regulation) system was initiated to improve accuracy, efficiency, and accountability in government medical reimbursements. OZR had not been audited for several years, which contributed to ongoing uncertainty regarding the balances owed to and by government. This audit will resolve those discrepancies going forward and ensure full compliance and transparency.
6. Basic Banking
   Work advanced on ensuring access to affordable basic banking services for all residents, including simplified accounts and non-discriminatory screening processes. The legislation is currently before Parliament, and the Minister has already appeared twice to present the draft and answer questions from Members of Parliament.
7. Policy-Based Budgeting
   The Ministry continued advancing the transition toward policy-based budgeting, ensuring that financial decisions are directly tied to measurable outcomes, national priorities, and long-term development goals. Based on the current trajectory and ongoing discussions, a significant impact of this approach will be reflected in the 2027 national budget.
8. TelEm Guarantee – Cg 3.5 Million
   Government provided a guarantee to support former TelEm employees, ensuring the continuation of their payments while giving TelEm temporary liquidity relief. This reflects government’s commitment to supporting the company’s turnaround through strong governance, transparency, and accountability to the people of Sint Maarten.
9. CAPEX – Cg 30 Million
   A capital expenditure program of Cg 30 million was approved to support critical government infrastructure, technology upgrades, and broader public-sector modernization. With the 2025 Budget approved, the Minister of Finance successfully secured a CAPEX loan of Cg 30 million to advance these key investments.
10. Refinancing Loan – Cg 73.5 Million
    The Ministry successfully undertook the refinancing of ƒ73.5 million in government debt, securing more favorable terms and reducing long-term financial pressure.
11. Tax Tables 2023–2025
    Updated wage tax tables were implemented for 2023, 2024, and 2025, improving fairness, reflecting cost-of-living realities, and increasing take-home pay for workers.
12. Caribbean Guilder
    Continued regional discussions took place regarding the potential introduction of the Caribbean Guilder, ensuring Sint Maarten’s interests remained fully protected. The Caribbean Guilder has since been introduced, and the Ministry played a key role in facilitating its smooth implementation.
13. Vendor Compliance – Card Payments
    The Minister of Finance promoted vendor compliance reforms requiring the acceptance of debit and credit card payments, making transactions easier and fairer for consumers. These efforts ensure that vendors comply with their banking agreements, including the rules prohibiting minimum card-payment amounts and extra fees for card usage.
14. Tourist Tax
    Work advanced on modernizing the Tourist Tax system to increase revenue and better support national development. The advisory opinion from the SER has been received, and the draft legislation is currently under internal governmental review. Once finalized, it will proceed to the Council of Advice for further evaluation.
15. AOV Legislation
    Consultations and technical work were conducted to update the AOV legislation to address the recurring issue where untaxed AOV income is combined with other taxable income, resulting in seniors unexpectedly owing additional tax each year. The goal of this reform is to break this cycle and ensure a fairer and more accurate tax treatment for the elderly.
16. Savings Plan
    The Minister of Finance Ms. Marinka Gumbs introduced a government savings plan in 2025 allowing civil servants to save ƒ50, ƒ100, or ƒ200 per month, with accumulated savings to be paid out net in December 2025. This initiative promotes financial resilience among public servants and will continue throughout 2026.
17. Retraction of Inheritance Tax and Land Tax Proposal
    The Minister of Finance has formally submitted draft legislation to Parliament to retract the proposed inheritance tax and land tax for Sint Maarten. The Minister expects to present and defend this legislation in Parliament in 2026.
18. Dividend Withholding Tax
    The Minister of Finance introduced a dividend withholding tax as a revenue-enhancing measure projected to generate approximately ƒ10 million annually. This measure is expected to significantly improve compliance, particularly given the current staffing constraints at the Tax Administration.
19. Banking Panel Discussion
    The Minister of Finance convened a high-level banking panel in collaboration with the Sint Maarten Bankers Association to strengthen dialogue between the public and the financial sector. The panel discussion, will be held on November 30, 2025, at the Government Building, featured representatives from all banks operating on Sint Maarten and addressed a range of key financial topics.
20. School Visits – Financial Literacy Month
    The Minister visited multiple schools during Financial Literacy Month to engage students directly on the importance of budgeting, saving, and planning for their financial future.
21. Strengthening Governance of Entities Under the Ministry of Finance
    Focused efforts were made to strengthen oversight of government entities and state-owned enterprises under the Ministry’s portfolio, including the CBCS, APS, and the Cadastre.
22. Online Tax Filing
    Significant progress was made toward enabling online tax filing, increasing convenience for taxpayers and improving overall revenue administration. The Minister is hopeful that income tax filing for the year 2025 will be fully available through the digital platform.
23. Improvements to Tax Processes
    The Ministry implemented and is working on various reforms to reduce processing times, improve accuracy, and strengthen customer service within the Tax Administration.
24. Centralizing Invoicing at Finance
    Invoicing for the entire government is being centralized under the Ministry of Finance to ensure consistency, reduce errors, and improve collection efficiency. All invoices are to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it.
25. Tax Reform
    Comprehensive tax reform remains a top priority, focusing on modernizing the system, improving fairness, strengthening compliance, and supporting economic growth.
26. Introduction of Sentoo for Vehicle Tax Payments
    The Minister of Finance introduced the Sentoo digital payment platform for vehicle tax payments, making the process faster, more secure, and more accessible for the public while reducing long lines and improving overall service delivery.
27. Improvements to the Collection Policy
    The Minister remains committed to strengthening government’s collection policy while taking into account the concerns and real-life circumstances of the people of Sint Maarten. Work is underway to refine and modernize the policy, and once finalized, it will be formally published to ensure full transparency and clarity for all taxpayers.