Caribbean News

TCIG shortens time for tax break of processing fee

PROVIDENCIALES, Turks and Caicos – October 26, 2017 – Government today announced that it will have to reverse a concessionary decision to support reconstruction in the aftermath of the September hurricanes.  While the tax breaks to rebuild will continue to be supported, the date for catching a break on the Customs Processing fee is changed to November 10; the duty waiver continues to be upheld until December 31, 2017.

Government said, in counting the costs the decision was made and that Cabinet approved the shortening of the time frame for the processing fee waiver.

“…in reviewing the financial challenges faced by the Turks and Caicos Islands in the wake of the two hurricanes and conscious of the need to ensure prudent financial management of revenue streams in the public interest, the difficult decision has been taken to maintain the extension of the waiver of Customs Import Duties on those items to 31st December 2017 but to end the waiver of Customs Processing Fee on 10th November 2017.”

The decision has already been taken up and agreed to at the Cabinet level, next says the Ministry of Finance  is onto the House of Assembly for the amended measure.

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