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3rd January, 2014

Attorney General’s Chambers

TURKS AND CAICOS ISLANDS RETENTION TAX (AMENDMENT) BILL 2014 ARRANGEMENT OF CLAUSES CLAUSE

1. Short title and commencement 2. Section 8 amended

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TURKS AND CAICOS ISLANDS A PROPOSAL FOR A

BILL FOR AN ORDINANCE TO AMEND THE RETENTION TAX ORDINANCE AND FOR MATTERS CONNECTED THERETO.

ENACTED by the Legislature of the Turks and Caicos Islands.

Short title and commencement 1. This Ordinance may be cited as the Retention Tax (Amendment) Ordinance 2014 and shall come into operation on publication.

Section 8 amended 2. Section 8 of the Retention Tax Ordinance is amended by inserting after subsection (4) the following subsection— “(5) A paying agent who fails to comply with this section commits an offence and is liable to a fine not exceeding $10,000.”. ________________________ PASSED by the House of Assembly this

………………………….. Tracey Parker Clerk to House of Assembly

day of

2014.

………………. Robert Hall Speaker


3rd January, 2014

Attorney General’s Chambers

EXPLANATORY MEMORANDUM The Retention Tax (Amendment) Bill seeks to provide a penalty to those paying agents who fail to comply to report the required information for tax purposes to the competent authority under section 8 of the Retention Tax Ordinance.

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Retention tax (amendment) bill