Turks And Caicos Plans Business Fee Overhaul
by Mike Godfrey, Lowtax.net, Washington
03 April, 2014
The government of the Turks and Caicos Islands has announced that it will revise the fee structure for business licenses and expand the number of categories with a view to supporting start-up companies.
As part of its Revenue Rationalization Strategy, the Turks and Caicos Government is reviewing the Business Licensing Administration with a view to expanding the number of categories to ensure that businesses are registered in the appropriate categories and paying the appropriate fees. Currently almost 40 percent of businesses are licensed under the miscellaneous category.
To smooth the transition, all licenses issued between April 1, 2013, and March 31, 2014, will be extended until June 30, 2014. The revised categories and fees, where applicable, will take effect from July 1, 2014..
Guidance on the new categories and fees will be published in advance of May 1, 2014.
Annual fees for business licenses currently range from USD300 to USD13,500 depending on the type of business. There are currently 45 categories of business activities and 65 fee classifications. 20 classifications are reserved for Turks and Caicos Islanders or Turks and Caicos Islander-controlled businesses.
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