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)
| Personal tax | No |
|---|---|
| Corporate tax (in detail) | No |
| Capital gains tax. Details | |
| VAT. Details | |
| Other taxes | Hospitality and Tourism Tax, Telecommunications Tax, Financial Services Tax, Insurance Premium Tax, Social Contributions |
| Government fee | |
| Stamp duty | 5-10% |
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
None.
Corporate Income Tax
None.
CFC Rules
None.
Withholding Tax
None.
VAT
None.
Hotel & Tourism Accommodation Tax
Tourist accommodation, restaurants and tourism-related services are taxed at the rate of 12%.
Telecommunications Tax
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
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.
Exchange Control
Foreign exchange transactions can generally be made without restrictions.
Taxes of Turks and Caicos
| Min. rate for corporate tax | 0% |
|---|---|
| Capital gains tax | No |
| VAT | No |
| Withholding tax | No |
| Exchange control | No |