Stand and Poor's releases full credit rating analysis for Turks and Caicos Islands

The Turks and Caicos’ first-ever credit rating could rise (on the release of more comprehensive economic data) or fall (if the nation’s political consensus weakens), international bond ratings house Standard and Poor’s announced with the release of its full credit rating analysis for the country.

Read more: Stand and Poor's releases full credit rating analysis for Turks and Caicos Islands

Business License restructuring program

All current business licenses are being given extensions until June 30 in order to give the Ministry of Finance, Trade and Investment time to facilitate a review of the government’s Business Licensing Administration, a government statement announced March 13.

As part of its Revenue Rationalisation Strategy, the Turks and Caicos Government stated it would be reviewing the Business Licensing Administration with a view to expanding the number of categories to ensure that businesses are registered in the appropriate categories and paying the fees applicable to the category in which they are operating. Currently nearly 40 percent of businesses are licensed under the miscellaneous category, which raises a fee of $300 annually.

As part of the process, revisions will be made to the fee structure and the reserve category, as well as the creation of a restricted category in keeping with Government Policy to empower TC Islanders and support small business start-up, the statement further read.

All Business Licenses in the Turks and Caicos Islands are up for renewal on April 1, but to facilitate the time for he review, all licenses issued between April 1, 2013 and March 31, 2014 are being given an extension of their validity until June 30, 2014. The revised Business License categories and fees, where applicable, are planned to take effect on July 1, 2014 and annually thereafter on July1.

A notice of the new categories and fees are expected to be published by May 1, in order to allow businesses ample time to inform themselves of the proposed changes.

License holders are also being reminded that business licenses will not be considered for renewal until all arrears associated with these licenses are cleared. Additionally, the statement suggested all business owners should familiarise themselves with all the requirements of the Business Licencing Ordinance, as well as that of other legislation such as Planning, Environmental Health and Immigration which could impact the granting of a Business Licence.

For further information, please contact any of the numbers listed below.

Revenue Department (Taxpayer Services)
Town Centre Mall, Providenciales
Fax: 941-8649

Hibiscus Square, Grand Turk
Fax: 946-2686
Phone number: 946-2801