PHILIPSBURG--St. Maarten Hospitality and Trade Association (SHTA) met with Committee for Financial Supervision CFT at Sonesta Great Bay Beach Resort on Monday, March 8, to discuss CFT's role in ensuring fiscal responsibility on the island, and to express its concerns regarding recent statements in the media in which CFT had recommended increased taxes as a way to balance the budget.

SHTA stressed that, in today's environment, where businesses are already struggling to meet expenses, increasing and implementing new taxes was not the solution. This was supported by the latest available economic figures of 2009.

SHTA and CFT then exchanged and agreed on plausible ways of balancing the 2010 budget. These included: enforcing the collection of taxes, broadening the tax base and reviewing areas where Government could economise.

No further details were announced by either party.