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TCIG introduces measures to improve tax, revenue collection


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Press office

As an alternative to the introduction of Value Added Tax (VAT) the TCI Government will focus on improving the collection of revenue and the levels of compliance and audit of the existing tax structure as well as consider new revenue generating measures. 

As a result the business community and the general public should be aware of the following:

  • Effective July 1, 2013 the Hotel & Restaurant Taxation Ordinance has been amended to reflect an increase in the tax rate from 11 to 12 per cent.  Hoteliers are asked to adjust their advertised rates accordingly.
  • Amendments to Head 4, Sub-section 2 (c) of the Schedule to the Stamp Duty Ordinance:
    1. Where the amount of consideration is $25,000 - $250,000 or  6.50 for every $100 (or 6.5 per cent)
    2. Where consideration is $25,001 - $500,000 or $8 for every $100 (or 8 per cent)
    3. Where the consideration is greater than %500,000 or $10 for every $100 (or 10 per cent)

 

This new rate repeals the previously offered installment plan and 10 per cent incentive and will also come into effect July 1, 2013.

The public is also asked to note that on Monday, April 8, 2013 the Revenue Department began a Registration Drive to identify and register businesses and to update their accounts.

Business Owners and managers are being reminded that the April 30, grace-period for the renewal of Business Licences is nearing its end.  Please visit the Revenue Department and District Commissioners’ Offices throughout the islands to bring your accounts up to date.

The newly structured Revenue Department is dedicated to attain maximum collection and compliance. The department is therefore appealing to the business community to adhere to all relevant laws and regulations. 

Offices are open Monday to Thursday 8 AM to 4:30 PM and 8AM to 4PM on Fridays continuously.  For further information, please contact the Revenue Department (Tax Payer Services) 946 -2801.

Revenue Department                                                                                                                        

Town Center Mall                                                                                                                              

Providenciales                                                                                                                                    

Fax# 941-8649

Or

The Revenue Department

Hibiscus Square

Grand Turk

Fax# 946-2686