TURKS & CAICOS ISLANDS GOVERNMENT

PRESS RELEASE

“End of Business Licence Renewal Period”

The Inland Revenue Department (IRD) in the Ministry of Finance, Investment & Trade would like to advise the public that business licenses for the financial year (FY) 2021/2022 will expire on 31^st March, 2022. License that expire on this date should be renewed immediately following as failure to do so is tantamount to operating without a license in contravention of section 3 of the Business Licensing Ordinance. A 10% penalty per outstanding month will be imposed on licenses which are renewed after Friday, April 29th, 2022. Additionally, previously the IRD had advised that it would not process new applications during the renewal period, the IRD will now however be processing all applications (new & existing) during this period.

In an effort to assist with the streamlining of the business license process, the IRD has issued the ‘Business License Guidance 2022/2023’ and the Clearance Guide. Both publications are designed to advise Taxpayers of the requisite obligations and requirements for obtaining a business license within the Islands. Taxpayers are encouraged to consult both publications prior to submission of an application for a new business license or a renewal of an existing business license.

The IRD would also like to take this opportunity to encourage licence holders to utilize the Department’s new E-Services platform to renew their business licence. The E-Services platform can be accessed via the following website: https://busreg.gov.tc/busreg/   or through the Revenue Department’s website: http://www.gov.tc/revenue. A business license guide is attached for reference.

For more information, please visit the Inland Revenue Department at www.gov.tc/revenue or one of our offices in Grand Turk, Providenciales, or the District Commissioner’s Offices in the Family Islands.

ENDS.

                                                                Inland Revenue Department

Butterfield Square                                                                                                                          Hibiscus Square

Providenciales                                                                                                                                Grand Turk

Tel: 649-338-5234                                                                                                                       Tel: 649-338-2061

Fax: 649-941-8649                                                                                                                         Fax: 649-946-2686

                                                                       Website: http://gov.tc/revenue

                                                                     Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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The Inland Revenue Department (IRD) and the Ministry of Finance, Investment and Trade would like to remind the business community that business licenses for the period 2021/2022 expire on 31^st March, 2022, as such all licenses must be renewed by or before Friday, April 29th, 2022. Failure to renew licenses for the upcoming period 2022/2023 will result in the imposition of 10% penalty per month. Note that during the renewal period the IRD will only process renewals, no first-time applications will be processed.

Taxpayers are reminded of the following obligations under the Business Licensing Ordinance (Ordinance):

• Section 8 requires that taxpayers are to notify the IRD within 30 days of any change in the business structure i.e. location etc.; and
• Section 9 requires that businesses that have ceased operations are required to provide notification to the IRD within 30 days of the cessation. Failure to do so will result in the business remaining active in the system and accruing

For more information, please visit the Inland Revenue Department at www.gov.tc/revenue or one of our offices in Grand Turk, Providenciales, or the District Commissioner’s Offices in the Family Islands.

                                                                    Inland Revenue Department

Butterfield Square                                                                                                                    Hibiscus Square
Providenciales                                                                                                                          Grand Turk

Tel: 649-338-5234                                                                                                                    Tel: 649-338-2061
Fax: 649-941-8649                                                                                                                    Fax: 649-946-2686

                                                                    Website: http://gov.tc/revenue

                                                              Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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