Turks and Caicos Islands

Corporate - Other taxes

Last reviewed - 13 January 2020

Value-added tax (VAT)

There is no VAT imposed in the Turks and Caicos Islands.

Customs duties

Imports are subject to a range of customs duties depending on the nature of the goods imported and are also subject to Customs Processing Fees.

Customs duties are payable on import unless a business has a registered bonded warehouse.

Excise taxes

There are no excise taxes in the Turks and Caicos Islands.

Property taxes

There are no property taxes in the Turks and Caicos Islands (see comments below on stamp taxes/duties).

Transfer taxes

See comments below on stamp taxes/duties.

Stamp taxes/duties

Stamp taxes/duties are charged on the transfer of ownership of properties by individuals/companies and on the transfer of shares in locally registered companies that hold land. In addition, stamp duties are charged on the registration of liens over assets registered as part of a loan agreement, etc.

Indirect taxes are normally declared on a monthly basis.

Payroll taxes

There are no payroll taxes in the Turks and Caicos Islands (see comments below on social security and national health contributions).

Social security and national heath contributions

Social security and national health contributions are payable by employees, employers, and self-employed individuals at a range of rates that are varied from time to time.

Registration taxes

Minor annual taxes are payable (e.g. for vehicle registration fees).

Other non-income taxes

Taxes are payable by the owners and collected by the government on property rentals and restaurant/bar sales.