Turks and Caicos to add new tax - Business - JamaicaObserver.com

Turks and Caicos to add new tax - Business - JamaicaObserver.com: "THE acting governor of the Turks and Caicos Islands has signed into law a value-added tax to shore up the finances of the troubled British territory.
An 11 per cent tax will be levied on a range of goods in the island chain south-east of The Bahamas starting next April. A government statement says the rate is the second lowest in the Caribbean region, after Haiti.

The law signed yesterday contains a number of exemptions, including fruit, vegetables, fresh meat and hurricane supplies. The value-added tax (VAT) is intended to stabilise the finances in an island chain placed under direct rule by Britain in 2009 amid allegations that local officials had taken payoffs from developers."

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