GSL / International Taxation / Tax systems of foreign countries / Turks and Caicos Islands

Turks and Caicos Islands tax system: audit, reporting and optimization of taxation of Turks and Caicos companies and individuals: VAT, income tax and capital gains

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.


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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.

Double taxation treaties

Turks and Caicos Islands has entered into the following tax information exchange arrangements:

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
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