GSL / International Taxation / Turks and Caicos Islands

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.

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Taxes of Turks and Caicos

No
Сorporate tax
No
Capital gains tax
No
VAT
0% (dividend), 0% (interest), 0% (royalty)
Withholding tax
No
Exchange control

info
Basic taxes (briefly)

Personal tax
No
Corporate tax (in detail)
No
Capital gains tax. Details
No
VAT. Details
No
Other taxes
Hospitality and Tourism Tax, Telecommunications Tax, Financial Services Tax, Insurance Premium Tax, Social Contributions
Government fee
Stamp duty
5-10%

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.

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