Turks And Caicos Tax Changes Effective April 1
by Mike Godfrey, Lowtax.net, Washington
31 March, 2015
The Government of the Turks and Caicos Islands (TCI) has issued a notice, highlighting tax policy changes that will be effective from April 1, 2015.
As announced in the 2015/16 Budget, the following measures are effective from April 1:
- The repeal of the 7.5 percent Customs Freight Insurance tax (FIT); and
- A significant narrowing of the scope of the Domestic Financial Services Sales Tax (DFSST), applied to a wide range of service fees charged by a financial institution to customers. The tax is to cover only money transfers outgoing from the TCI at a rate of 12 percent, removing the tax on a range of services including letters of credit, ATM withdrawals, late payments, and returned checks.
Other measures effective from April 1 include a reduction in business license fees by an average of 50 percent.
The TCI Minister of Finance, Washington Missick, said: "All of these changes are designed to support the development of our economy by reducing the red tape for our businesses, and to support our people in the process."
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