#Providenciales, August 9, 2018 – Turks and Caicos – The Treasury has been receiving requests to make changes in respect of the names in which payments are made. This directive seeks to clarify the protocol which is applied.
- Payments will be made in the name in which an invoice is submitted.
It is the duty of the vendor and then contracting department to ensure that the invoice is accurate as the vendor’s details.
Trading Under a Business Name
It is best practice that the business operates a bank account in the name of the business.
- Where there is no incorporated entity and there is a person trading under a business name that vendor should ensure that the invoice reflects “the name of the individual trading as [Business Name]”
- Where there is no incorporated entity and there are two (2) or more persons trading under a business name, if there is no bank account in the name of the business the following process will obtain:
- The partners need to go to the Business License Unit at the Revenue Department.
- Complete and sign a Payment Authorization Form indicating the partner(s) to whom any payment may be made (see attached sample).
- The Revenue Department will forward a copy of the signed Payment Authorization Form to the Treasury.
- Treasury will then make payment(s) accordingly