The Inland Revenue Department (“IRD”) hereby advises the business community and the wider public of the amendments made to Schedule 2 of the Business Licensing Regulations in 2014 and 2015 which provides for the classification of business activities and the corresponding fee schedule.
As the IRD continues to carry out its reclassifications exercises in accordance with the Business Licensing Ordinance and the Tourist Accommodation (Licensing) Ordinance; if your business has been accordingly reclassified, customers/applicants are hereby advised that this will likely have an impact on the outcome of applications for business license renewals through an adjustment of the fees.
All the relevant rates will be applied to the 2023/2024 and all subsequent renewal periods.
Businesses are further reminded that it is incumbent upon on them, to also notify IRD of any diversifications in the scope of their activities and services. All businesses who effected changes to their business structure, location, ownership/members, activities etc. must provide written notice to the IRD as prescribed under the provisions of the Business Licensing Ordinance.
If you are uncertain whether your business may be subject to reclassification, please visit the IRD’s website at www.gov.tc/revenue or visit our offices in Grand Turk, Providenciales, or the District Commissioner’s Offices in any of the family Islands.