Tax Hikes

Providenciales, 25 Oct 2014 – Lots of new taxes talked about when the Cabinet got together this week… cost of living and working and reveling in the islands will be more expensive beginning from this month. October saw the activation of the stevedoring tax hike and now government is reminding of the November increase on the pricing of tourism activities.

A 12% tack on to the cost of services in 19 new areas, as the Revenue Department in the Ministry of Finance reminds the public that the House of Assembly has approved an amendment to the Hotel and Restaurant (Taxation) Ordinance for these changes to take effect. There is push back from the sector, but it appears that all will go ahead as TCIG planned… as the tax for these designated tourism service providers will apply if the company exceeds a quarterly income of $12,000 or annual income of $50,000.

It will be 12% more expensive for services like: water sports, sight-seeing, concierge, fishing, destination weddings, photography and golfing. This tax takes effect next Saturday, November 1st, 2014.

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