TURKS & CAICOS Law and Practice Contributed by: Christopher Smith, Dentons Turks and Caicos
7.7 Requirements Before Use or Inhabitation Certificates of occupancy must be obtained from the Planning Department before any new buildings are occupied.
Tribunal), a combination of the two or even the con - tractor’s (or developer’s) own standard terms. 7.2 Assigning Responsibility for the Design and Construction of a Project Concerning the assignment of responsibility for the design and construction of a project, see 7.1 Com- mon Structures Used to Price Construction Projects . 7.3 Management of Construction Risk Concerning the management of construction risk, see 7.1 Common Structures Used to Price Construction Projects . 7.4 Management of Schedule-Related Risk Concerning the management of schedule-related risk, see 7.1 Common Structures Used to Price Construc- tion Projects . 7.5 Additional Forms of Security to Guarantee a Contractor’s Performance On some larger construction projects, a completion bond may be in place, either by a lender or insurer, guaranteeing the completion of the development pro - ject in the event the developer/contractor becomes insolvent and unable to fulfil its obligations. 7.6 Liens or Encumbrances in the Event of Non-Payment Concerning liens or encumbrances in the event of non-payment, see 7.1 Common Structures Used to Price Construction Projects.
8. Tax 8.1 VAT and Sales Tax
VAT is not applicable in the Islands. 8.2 Mitigation of Tax Liability
There are no commonly used methods employed to mitigate stamp duty on large real estate portfolio pur - chases. 8.3 Municipal Taxes No municipal taxes are paid on the occupation of business premises. 8.4 Income Tax Withholding for Foreign Investors Income and capital gains are not directly taxed in the Islands. 8.5 Tax Benefits As mentioned in 8.4 Income Tax Withholding for Foreign Investors , income and capital gains are not directly taxed in the Islands.
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