| Businesses must register to pay new taxes | | Print | |
| Thursday, 06 October 2011 10:46 | |||
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The Revenue Control Unit of the Ministry of Finance and Economic Development is reminding providers of financial services and insurance policies to register to pay the new taxes or face stiff penalties. Effective Sept. 12, both the Domestic Financial Services Sales Tax (DFSST) and the Insurance Premiums Sales Tax (IPST) must be paid by those who receive the services, but the taxes are collected by businesses which must register and submit the taxes to government. Registration forms for both taxes are available at the Turks and Caicos Islands government website (www.gov.tc) or at the Revenue Control Units at Town Center Mall on Providenciales and at Hibiscus Square on Grand Turk. Failure to register is punishable by a fine of up to $10,000 and/or imprisonment of up to six months. Insurance providers, brokers, agents and sub-agents must register and collect the 10-percent IPST on all policies except life and health insurance. Banks, company managers, investment dealers, money transmitters, mutual funds and trustees must register and collect the 10-percent DFSST on services they provide to their customers. More than a dozen businesses, members of the recently formed TCI Fair Regulation Committee, say they learned about the DFSST only four days before it went into effect Sept. 12. They have asked the government to repeal or revise the tax, or at least postpone it to give them time to implement it. They say the tax was poorly conceived and will damage financial service businesses that are already suffering and make the TCI a less attractive place to do business. The Revenue Control Unit said the following organizations and financial transactions are exempt from the DFSST:
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