Turks and Caicos Islands
Answer ... The Turks and Caicos Islands (TCI) has no direct taxes. Tax revenue is derived from indirect taxes, including taxes on imports and consumption.
Turks and Caicos Islands
Answer ... Not applicable.
Turks and Caicos Islands
Answer ... (a) What taxes are levied and what are the applicable rates?
None.
(b) How is the taxable base determined?
Taxes apply to goods and services, not to individuals.
(c) What are the relevant tax return requirements?
None.
(d) What exemptions, deductions and other forms of relief are available?
Not applicable.
Turks and Caicos Islands
Answer ... (a) What taxes are levied and what are the applicable rates?
None.
(b) How is the taxable base determined?
Not applicable.
(c) What are the relevant tax return requirements?
None.
(d) What exemptions, deductions and other forms of relief are available?
Not applicable.
Turks and Caicos Islands
Answer ... (a) What taxes are levied and what are the applicable rates?
None (there is a nominal probate tax).
(b) How is the taxable base determined?
Not applicable.
(c) What are the relevant tax return requirements?
None.
(d) What exemptions, deductions and other forms of relief are available?
Not applicable.
Turks and Caicos Islands
Answer ... (a) What taxes are levied and what are the applicable rates?
None, save that there is a retention tax on bank interest for EU residents (giving effect to the EU Directive on Taxation of Savings Income) in the form of interest payments imposed by the Retention Tax Ordinance, at the current rate of 35%.
(b) How is the taxable base determined?
Not applicable.
(c) What are the relevant tax return requirements?
None.
(d) What exemptions, deductions and other forms of relief are available?
Not applicable.
Turks and Caicos Islands
Answer ... (a) What taxes are levied and what are the applicable rates?
There are no property taxes or undeveloped land tax. Stamp duty is payable on the purchase and sale of real estate. There is a sliding scale on properties purchased up to $500,000 and thereafter a 10% rate applies. If you purchase or sell the shares of a TCI land holding company, an 8% duty applies pro rata on the percentage of shares acquired, based on the underlying market value of land owned by the company. Some duty rates may vary by island or as a result of temporary economic concessions.
(b) How is the taxable base determined?
Situs within the TCI.
(c) What are the relevant tax return requirements?
Duty is assessed based on the value declared in the conveyance or market value, whichever is higher.
(d) What exemptions, deductions and other forms of relief are available?
There may be various applicable exemptions, deductions or other forms of relief.
Turks and Caicos Islands
Answer ... (a) What are they and what are the applicable rates?
None.
(b) How is the taxable base determined?
Not applicable.
(c) What are the relevant tax return requirements?
None.
(d) What exemptions, deductions and other forms of relief are available?
Not applicable.
Turks and Caicos Islands
Answer ... (a) What are they and what are the applicable rates?
- Import duties at various rates; and
-
12% tax on:
-
- all tourist services;
- hotel and villa accommodation for non-residents; and
- food and beverages served in restaurants
(b) How is the taxable base determined?
Consumption based.
(c) What are the relevant tax return requirements?
- Customs declaration on entry.
- Accommodation and service tax returns are handled by the hospitality provider.
(d) What exemptions, deductions and other forms of relief are available?
Concessions may be available to support developments anticipated to have a significant beneficial economic impact on the islands.