Turks and Caicos Islands tax system - taxation of Turks and Caicos companies and individuals: VAT, income tax and capital gains. Tax treaties of the Turks and Caicos Islands.
Basic taxes (briefly)
|Corporate tax (in detail)||No|
|Capital gains tax. Details|
|Other taxes||Hospitality and Tourism Tax, Telecommunications Tax, Financial Services Tax, Insurance Premium Tax, Social Contributions|
International tax agreement
|Australia, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Portugal, Sweden, United Kingdom.|
Personal Income Tax
Corporate Income Tax
Hotel & Tourism Accommodation Tax
Tourist accommodation, restaurants and tourism-related services are taxed at the rate of 12%.
The provision of telecommunication services is taxed at the rate of 12%.
Financial Services Tax
In relation to the services of transferring money abroad, tax is levied at the rate of 12% on the commissions and other service fees.
Insurance Premium Tax
Tax on insurance premiums (other than life and health insurance) is levied at the rate of 2.5%.
Social Security Contributions
Social security contributions are paid on employment remuneration at the rate of 4.6% by employers and at the rate of 3.4% by employees.
Mandatory health insurance contributions are 3% for employers and 3% for employees.
The contribution is charged on earnings of up to USD 7,800 per month.
Stamp duty is payable on real estate transactions at various rates, generally ranging from 5% to 10%, depending on the location and value of the property.
International tax treaties
Turks and Caicos has entered into 16 Tax Information Exchange Agreements (TIEAs) with the following jurisdictions:
16 TIEAs: Australia, Canada, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Ireland, Netherlands, New Zealand, Norway, Portugal, Sweden, United Kingdom.
Foreign exchange transactions can generally be made without restrictions.
Taxes of Turks and Caicos
|Min. rate for corporate tax||0%|
|Capital gains tax||No|