Major Revenue Streams

There are currently five (5) sales-type taxes in the tax system of the Turks and Caicos Islands. These taxes are imposed on various sectors such as tourism, financial and telecommunication and are administered by the Revenue Department. The Department is also responsible for administration of the Business License program.

A summary of these revenue streams is provided below:

Revenue Stream

Imposition

Tax Payers

Rate

Business License
Business Operations
All business operators except for those exempt under the Ordinance
Varies
Communications Tax
Telecommunication Services
  • Telecom Companies
  • Internet Service Providers
12%
Domestic Financial Services Sales Tax
Financial Services Fees
  • Financial Institutions
  • Money Transfer Operators
12%
Dormant Accounts
-
-
-
Hotel and Tourism Tax
  • Accommodation
  • Vacation Rentals
  • Meals/Drinks
  • Prescribed Tourism Services
  • Hotels/Resorts
  • Villa/Condo Owners
  • Restaurants/Bars
  • Tourism Service Providers
12%
Insurance Premium Sales Tax
Insurance Premiums on domestic business except life and health
Insurance Companies
2.5%
Seaport Departure Tax
-
-
-
Vehicle Hire Stamp Duty
Motor Vehicle / Scooter Rental
Motor Vehicle Rental Operators
12%