TCIG approves $15 million in Concession package for residents to mitigate against potential inflation in the cost of fuel and food amidst war between Russia and Ukraine

On Wednesday the 15^th of March 2022, the Cabinet approved a package of concession relief in the amount of $15 million for Turks and Caicos Islands residents. This included two main reductions in Customs rates as follows: 

1. It reduced the rate of Fuel Tax from 85 cents down to 64cents; 
2. It reduced the rate of the Customs Processing Fee (CPF) across the board on the importation of all goods, from 7.5% down to 5%. 

This will take effect on the 1^st of April 2022, for an initial period of 12 months, subject to review by TCIG.  The ASYCUDA World customs declaration database will be configured to automatically calculate these reductions at the point that the declaration is made. A Customs Procedure code will be created and disseminated to all Customs Brokers shortly.  The Government, the Ministry of Immigration and Border Services, and the Department of Trade encourage all businesses to ensure that the benefits of these concession reductions are passed on to the consumers. Mechanisms will be put in place to ensure that these benefits are felt by the consumer.