| TCI to automatically share EU savings tax information | | Print | |
| Thursday, 03 March 2011 12:09 | |||
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The governor’s Advisory Council has decided that the Turks and Caicos Islands should join most other British Overseas Territories in automatically sharing European Union savings tax information The change allows the TCI to freely disclose interest earned by a resident of an EU country so that the interest is fully declared in his country of residence. That includes bank interest, bond interest and analogous income, such as income from bond funds, money-market funds, loans and mortgages. The TCI has been withholding the tax since 2005 and passing it on to the appropriate tax authority. “The Advisory Council, noting that in keeping with the objective of the TCI to match up to international standards of transparency as a means to enhance the reputation of the jurisdiction and provide a sound platform for future growth … and requested the Ministry of Finance to take the necessary steps to implement the policy as soon as practicable,” the council said.
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