Above: the Turks and Caicos House of Assmebly
By the Caribbean Journal staff
The government of Turks and Caicos is planning to introduce several measures aimed at improving revenue collection and generating new revenue.
Chief among them is the planned increase in hotel tax to 12 percent from 11 percent, which will take effect July 1. The government said it is asking hoteliers to “adjust their advertised rates accordingly.”
The government is also amending the schedule of the Stamp Duty Ordinance; where the amount of consideration is $25,000 – $250,000 the duty works out to $6.50 for every $100 (or 6.5 percent; where consideration is $25,001 – $500,000, or $8 for every $100 (or 8 percent) and where the consideration is greater than $500,000 or $10 for every $100 (or 10 percent).
The government said both measures were modeled as alternatives to the introduction of the Value Added Tax, which was withdrawn by the UK government after widespread opposition in the territory.