Tax & Accounting Blog

Turks & Caicos – No VAT for the Islands

Indirect Tax, ONESOURCE, VAT Tax Rates February 28, 2013

It is being reported that the controversial value added tax (VAT) will not be implemented in the Turks & Caicos on 1 April as had been planned. The decision by the United Kingdom (U.K.) was announced in a letter on 25 February by Mark Simmonds , the UK’s Minister for the Overseas Territories, and Alan Duncan, Minister of State for the Department for International Development. In the letter the ministers stated that “We (UK Government) accept TCIG’s proposal not to implement VAT on April 1st…I (Mark Simmonds) will instruct the Governor not to sign the Commencement Notice which would have brought in VAT on April 1, 2013. As the signing of this notice is what would have been required to introduce VAT, there is no need for further legislative action.”

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