Finance Minister marks her first year with 27 financial achievements, movement on initiatives

GREAT BAY—The Minister of Finance Hon. Marinka J. Gumbs has released her official one-year recap, outlining 27 major accomplishments achieved under her leadership. The report highlights a year marked by financial reforms, stronger oversight, improved public engagement, and concrete steps toward stabilizing and modernizing St. Maarten’s financial systems.

Minister Gumbs emphasized that the accomplishments reflect “steady work, a focus on transparency, and a commitment to improving the financial resilience of St. Maarten.” The Minister thanked the people of St. Maarten for their support, noting that work continues with determination.

1. Finance Fridays

Minister Gumbs continued her “Finance Friday” initiative, opening the Ministry to the public on the last Friday of each month between 9:00 a.m. and 12:00 p.m. Residents can raise concerns, ask questions, and receive direct support on finance matters.

2. Budget 2025

The 2025 Budget was prepared, submitted, and defended with emphasis on fiscal responsibility, economic resilience, and more realistic projections. Despite challenges, the final budget was approved.

3. Financial Literacy Month

The Ministry held eight sessions on topics such as payslip interpretation, income tax, real estate taxation, investment basics, and budgeting.

4. Introduction of Purchase Orders (PO)

New PO procedures were launched to streamline purchasing, strengthen controls, enhance transparency, and support timely vendor payments.

5. Financial Audit OZR

A full audit of the Health Cost Regulation (OZR) system began to improve accuracy and accountability. The OZR had not been audited for several years and the audit will stabilize discrepancies in medical reimbursements owed by and to government.

6. Basic Banking

Work progressed on legislation establishing affordable banking services through simplified accounts and non-discriminatory screening. The law is before Parliament, and the Minister presented the draft and answered questions from MPs.

7. Policy-Based Budgeting

Government advanced the transition toward policy-based budgeting, linking decisions to clear outcomes, priorities, and long-term goals. Significant impact is expected in the 2027 national budget.

8. TelEm Guarantee – ƒ3.5 million

Government provided a guarantee so former TelEm employees could continue receiving payments under temporary liquidity relief, showing its commitment to transparency and stability.

9. CAPEX CG ƒ30 million

A capital expenditure loan of ƒ30 million was approved to support digital government services, infrastructure, technology upgrades, and Budget 2025 modernization.

10. Refinancing Loan – ƒ73.5 million

Government refinanced ƒ73.5 million in debt under better conditions, reducing long-term pressure.

11. Tax Tables 2023–2025

Updated wage tax tables were implemented, reflecting cost-of-living realities and improving take-home pay.

12. Caribbean Guilder

Talks continued on introducing the Caribbean Guilder, ensuring St. Maarten’s interests remain protected. The Guilder has since been introduced, with the Ministry helping to guide implementation.

13. Vendor Compliance

The Ministry strengthened reforms requiring proper debit and credit card payments, fairer fees, and compliance with banking agreements, including prohibiting minimum card-payment amounts and extra fees.

14. Tourist Tax

Modernization of the Tourist Tax system advanced. The SER’s advisory opinion has been received and draft legislation is undergoing internal review before submission to the Council of Advice.

15. AOV Legislation

Technical work progressed to update AOV legislation so untaxed AOV income combined with other taxable income no longer results in unexpected year-end taxes. The aim is fairness for seniors.

16. Savings Plan

A new government savings plan for civil servants was introduced, allowing monthly savings of ƒ50, ƒ100, or ƒ200. Accumulated funds will be paid in December 2025, with the initiative continuing through 2026.

17. Retraction of Inheritance Tax & Land Tax Proposal

Legislation was drafted to retract the previously proposed inheritance and land tax reforms. The Minister expects to present and defend the legislation in 2026.

18. Dividend Withholding Tax

A new dividend withholding tax is projected to generate an estimated ƒ10 million annually. The measure strengthens compliance given staffing constraints at the Tax Administration.

19. Banking Panel Discussion

The Minister hosted a high-level banking panel with the St. Maarten Bankers Association to strengthen dialogue between the financial sector and the public. The panel was held on November 30, 2025.

20. School Visits – FLM

During Financial Literacy Month, the Minister visited schools to engage students on budgeting, saving, and understanding their financial future.

21. Strengthening Governance of Entities

Oversight of government entities and state-owned enterprises was strengthened, including the CBCS, APS, and the Cadastre.

22. Online Tax Filing

Major progress was made toward enabling income tax filing for 2025 through the new digital platform, improving convenience and revenue administration.

23. Improvements to Tax Processes

The Ministry continued improving processing times, accuracy, and customer service in the Tax Administration.

24. Centralizing Invoicing at Finance

All government invoicing is being centralized at the Ministry of Finance to strengthen consistency and efficiency. Invoices are now processed through a dedicated email address.

25. Tax Reform

Comprehensive tax reform remains a top priority with focus on fairness, simplicity, compliance, and supporting economic growth.

26. Introduction of Sentoo for Vehicle Tax Payments

The Sentoo digital payment platform was introduced for vehicle tax payments, making transactions easier, more secure, and cutting service delivery delays.

27. Improvements to the Collection Policy

The Ministry is refining the collection policy to improve fairness and transparency while considering real-life circumstances. Once finalized, the policy will be published for public guidance.

At the close of the one-year recap, Minister Gumbs thanked residents for their continued support, stating that the Ministry “remains committed to responsible financial management, transparency, and building a stronger St. Maarten.”

“Together, we will keep moving the country forward.”

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