Employment Cost Calculator for Turks and Caicos Islands
Calculate your complete hiring costs for Turks and Caicos Islands employees, including payroll taxes, social security contributions, employee benefits, and management fees. This salary calculator provides accurate employer cost estimates for informed hiring decisions.
Employer Tax Contributions
| Tax Type | Rate | Base |
|---|---|---|
| National Insurance Contribution (NIB) | 6.5% | Employee's gross earnings (up to a ceiling) |
| National Health Insurance Plan (NHIP) | 3% | Employee's gross earnings (up to $7,800/month) |
Filing & Compliance
- NIB contributions must be remitted monthly by the 15th of the following month.
- Annual NIB reports detailing employee earnings and contributions are typically due by January 31st.
- Business licenses expire annually on March 31st; renewal is from February until the end of April. Penalties apply from May 1st.
In the Turks and Caicos Islands, employee tax deductions primarily consist of contributions to National Insurance and the National Health Insurance Plan, as there is no income tax.
National Insurance Contributions
Employees contribute 5% of their gross salary to the National Insurance program. This contribution funds social security benefits such as pensions and healthcare. There is a combined maximum monthly contribution limit to National Insurance of approximately $208 USD.
National Health Insurance Plan (NHIP) Contributions
Employees also contribute 3% of their gross salary to the National Health Insurance Plan (NHIP). This plan provides a range of medical benefits. Earnings above $7,800 USD per month are not subject to NHIP contributions.
Other Taxes
There is no income tax, capital gains tax, property tax, inheritance tax, or corporation tax in the Turks and Caicos Islands as of today's date. There is a 35% import duty on most goods brought into the islands.
