| Road to VAT begins soon | | Print | |
| Thursday, 15 March 2012 13:48 | |||
 Value added taxes will replace several other taxes by April 2013, and “will restore fiscal balance, a sustainable economy, alleviate poverty and contribute to other critical social development,” the interim government claims. VAT, which is used throughout other Caribbean countries, will replace hotel/restaurant accommodation tax, communications tax, vehicle for hire stamp duty, and taxes on insurance premiums and financial services. However, major issues have not been finalized, such as the VAT rate, the threshold at which businesses will be required to pay VAT, and the goods and services which will be subject to zero rating and exemption status. “When finalized, these issues will be captured in a Green Paper on VAT and will be ready for consideration by the Advisory Council,” government said in a press statement. “The Green Paper once agreed will outline the exemptions and thresholds below which businesses will not have to be registered to pay VAT and also that a social impact assessment will be undertaken to limit impacts on the poor. “The Green Paper will be made public in April following which, there will be a formal launch of the VAT project and a massive public education and awareness program through radio, TV, brochures, general and specific meetings as necessary.” Government has been working in partnership with the Caribbean Regional Technical Assistance Centre on the VAT implementation plan.
|
Related Articles
Entertainment: Your Island Guide
|
Top things to do in April Top things to do in April 1. From Golfing to More... |
|
Valentine’s Day Cup 2013 model sailboat races The Middle Caicos Sailboat Association will once again present the annual model sailboat races at More... |
|
Lime and Tourist Board announce weekly Fish Fry The Turks & Caicos Tourist Board & LIME partner with Cultural Fish Fry The Turks & Caicos Tourist More... |
|
Turks & Caicos Reef Fun to host dazzling evening The Turks and Caicos Reef Fund will host its 2nd Annual Cocktail Party Reception on Jan. 26 at the More... |
|
Fashion Glam at Regent Palms The Regent Palms is inviting everyone to an evening of fashion and glamour at their event being More... |
Latest Community News
|
Cholera Clinical Management Training Held in the TCI Healthcare professionals from the TCI Health Services were trained in the Clinical Management of More... |
|
Illegal Haitian immigrants Intercepted Illegal Haitian Immigrants Intercepted, to the Repatriated According to the Ministry of Border More... |
|
Ministry of Health Reminding public about sanitation Health surveillance teams attached to the Ministry of Health and Human Services (MOHHS) have More... |
|
Scholarship applications now being accepted The Ministry of Education has announced that they are now accepting applications for scholarships More... |
|
History and traditions stay alive at the 13th annual boat races in Middle Caicos The 2013 Valentines Day Cup welcomed many fun loving residents and tourists to Middle Caicos’ More... |