In
the Turks & Caicos Islands (TCI) there are
no taxes impacting on business other than import
duties (at varying rates), and stamp duty on official
documents and on transfers of real estate. See
Types of Company
for details of annual fees payable by companies,
and Offshore Legal and
Tax Regimes for details of fees payable
by various types of financial institution.
However,
in February, 2004, the Chief Minister of the Turks
and Caicos Islands, Michael Misick, announced
that the jurisdiction had committed itself to
implementing the European Union's Savings Tax
Directive, subject to the creation of a level
playing field on the issue for all offshore and
onshore jurisdictions. He said: "The Government's
policy is that it will comply with Article 17
(2) (ii) of the Directive and will apply a withholding
tax during the transitional period on the same
terms and the same conditions that apply to the
Swiss Confederation, the Principality of Lichtenstein,
the Republic of San Marino, the Principality of
Monaco and the Principality of Andorra and in
accordance with an agreement in substantially
the same terms entered into by them with the European
Community concerning the EU Council Directive
on taxation of savings income in the form of interest
payments."
The
Directive came into effect on 1st July, 2005,
but the TCI says it anticipates very little reduction
in business in the islands since the Directive
is applicable to individuals and not to corporate
entities. Investments can be moved into corporate
entities and investors have been advised to structure
their operations to form corporate entities in
the medium to long term.
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