| Water, insurance, financial providers must collect new taxes | | Print | |
| Thursday, 11 August 2011 10:37 | |||
 Entities that provide water, insurance and financial services must all register with the Ministry of Finance and Economic Development so they’ll be ready to collect and pay new taxes expected to hit residents Sept. 1. Legislation that sets the amounts of the new taxes has been approved by the governor’s Advisory Council, but those bills won’t be released to the public until the matter goes before the Consultative Forum. The forum met Aug. 9 in closed session, but government would not say what was discussed. The next public meeting is Aug. 16. In order to close the country’s budget deficit, the interim government decided to impose these and other temporary taxes that will be replaced with value-added taxes in the fiscal year 2013-14. Putting the government back on sound financial ground is one of the milestones set by the U.K. for the return to elected government in the Turks and Caicos Islands. “In order to properly administer the new measures, it is necessary that all entities that are responsible for charging, collecting and remitting the associated taxes be registered to do so with the Revenue Control Unit within the Ministry of Finance and Economic Development,” the ministry said in a statement Aug. 4. A new Water Consumption Sales Tax will apply to all commercial customers (including those commercial customers who self-supply via in-house water treatment facilities) and those residential customers who consume more than 3,000 gallons of water per month. Only entities that provide water (such as Provo Water, Leeward Water Services, Turks and Caicos Water Services, Engineering & Maintenance Services) or extract water for self-supply (some large resorts and other self-suppliers) are required to register. A new Insurance Premiums Sales Tax will be levied on all premiums except for life and medical insurance. All insurance providers and brokers within the TCI must register to add the tax to their charges, collect the tax and remit it to government. A new Financial Services Sales Tax will be charged by financial institutions including banks, trust companies, corporate management companies, money transfer companies, mutual funds, credit associations, etc. Entities required to register must complete the appropriate registration form, which can be found online at www.gov.tc under “Current Issues,” or at the nearest Revenue Control Unit. Providenciales Grand Turk Completed forms should be presented or faxed to the Revenue Control Unit for processing.
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