Providenciales, TCI, June 15, 2016 – A proposal to broaden the base of who is taxed for giving dining services in the country will mean more revenue and a more leveled playing field believes the Finance Minister, Hon Washington Misick who presented the amendment to the 2014 ordinance.
Minister Misick, yesterday during House of Assembly debate admitted there is push-back on the move to make more restaurants subject to the 12% tax. Magnetic Media in checking the pulse of the marketplace found that while there is support for equity in who has to deliver on this tax to government, there is also the view that if there will be more paying the Hotel & Restaurant tax – which earned the second highest revenue for TCIG last fiscal year – then the tax could and should be lowered.
Perhaps this suggestion holds merit, as Government recorded a surplus of $68.6 million last financial year and in that Ministry of Finance report, it said, “Favorable results from the Hospitality sector, recording $58. 2 million at year end for Hotel & Restaurant Tax.”
