Minister of Finance meets with New Tax Reform Committee in preparation for new tax system in 2012.
Minister of Finance Hiro Shigemoto met on Monday with the soon to be established New Tax Reform Committee to discuss a plan of approach for the reform of the countries tax system by 2012.
Minister Shigemoto said the meeting that took place is part of the austerity package that was approved by the Council of Ministers in order to develop a tax system that takes into consideration the current economy.
"The country is at the crossroads. We have to have a balanced budget; and in order to balance that budget, we had to present an austerity package that includes over Naf.30 million in costs cutting measures and raising revenues by over Naf.40 million.
"Besides the aforementioned, stakeholders that I have consulted with to date have been informed that the increase in Turn over Tax is a temporary measure which would allow us over the next 12-months to develop a tax system that is tailored made to our socio-economic development," Minister of Finance Hiro Shigemoto explained on Monday.
The meeting was organized to outline the steps to be taken and the involvement of stakeholders in the process. "We want a tax system that is fair, simple, and progressive. The aim is to increase compliance as well. With our new tax system, there are many expectations in the business community as well as for the general public to have an efficient and effective system in place that covers our public sector expenses and services rendered to the community.
"It is imperative that the new system is in line with agreements made with Kingdom partners. Transparency of this process is key and Government wants as large a consultation as possible. The Government website (www.sintmaartengov.org) will be an avenue to be used to allow members of the public to provide suggestions about the new tax system for the country," Minister of Finance Hiro Shigemoto said on Monday.
The Department of Fiscal Affairs has prepared a plan of approach which will guide the process. Some of the issues to be dealt with are also the relationship with the North side of the island where double taxation is concerned and the exchange of information with the neighbouring islands.
"There is no ideal tax system, but with the input of all stakeholders, unions, business sector and members of the community, I am very confident that we will come up with a system that best suites our needs and requirements as a country," Minister Shigemoto concluded.
Members of the New Tax Reform Committee are Acting Secretary General of Finance Sherry Hazel, Senior Policy Advisor Ruth Boyrard-Brewster, Cedris Josepa and Sissy Fung from Fiscal Affairs and External Fiscal Attorney Judith Brewster, Inspectorate of Taxes Maria Bass, Island Receiver Minerva Gumbs, Economic Affairs Dijkstra, and representing the Head of Finance Cassandra Royer-Wilson.
Ministry Launches Suicide Hotline in the Bahamas
The Ministry of Labour and Social Development and the accounting firm, Grant Thornton Bahamas have partnered to launch a hotline during the months of December and January, to provide counselling and support to those experiencing difficulties during this time of year.
During a press conference on Friday, Minister of Labour and Social Development Dion Foulkes announced the launch of the hotline as a result "of the increased incidences of suicides and attempted suicides in The Bahamas in the past few years."
This year alone, there have been many reports of suicide and attempted suicide.
In fact, just last week, a 35-year-old man threw gasoline on himself and set himself afire.
It is no secret then that incidents like these are becoming more and more prevalent in today’s society.
As experts attribute depression as a major risk factor, especially during the holidays, the forged partnership between the Ministry of Social Development and the law firm is an effort to help mitigate any suicides or attempted suicides over the holiday season.
"This initiative would operate through the existing hotline 322-2763 operated by the Department of Social Services," said Mr. Foulkes.
"Twenty one counsellors will man the hotline to receive calls from people who feel depressed or are concerned about what is going on in their lives."
The 21 trained counsellors will be supported by the Department of Social Services as well as Dr. Kirk Christie, psychiatrist at the Sandilands Rehabilitation Centre.
They will be provided with cell phones specifically for answering calls from the hotline and Grant Thornton will provide a weekly stipend to the counsellors.
"What we are doing as a result of discussions is simply expanding the existing hotline" said managing director of Grant Thornton, Paul Gomez.
While the hotline has been in existence for quite a while, officials are hoping to revamp the whole process.
"All we are doing is simply expanding what is already in existence," he said.
Dr. Christie said his department sees many cases of failed suicide attempts and parasuicide – suicide attempts or gestures of self-harm where there is no actual intent to go through with it.
"There are stress related issues related to the Christmas holiday season, such as persons who may have lost a loved one during this period or just before the holiday and these are all precipitating factors which cause persons to become depressed," said Dr. Christie.
He further said that in 60-70 per cent of completed suicide those persons have underlying major depressive disorders.
Officials say that after the two-month period, an assessment of the initiative will be conducted to help determine if it should be continued.
It was also announced that BTC has committed to help introduce a national hotline that would be a 1-300 number and would be made available by the Department of Social Services.
Individuals who may be experiencing difficulties and are in need of counselling or support are asked to call the hotline number at 322-2763.
Police had Busy Weekend Investigating Armed Robberies.
The Police Special Robbery Unit over the weekend have been quite busy investigating several armed robberies and at least one attempted armed robbery.
A man with initials S.H.P. filed an official report with detectives stating that on Friday evening at approximately 09:00 p.m. while walking on the boardwalk he was suddenly attacked from behind by two unknown men and forced to the ground. A third man came and stole his wallet containing some cash, credit-cards, identification card and his Black Berry Bold II phone.
Another man identified as D.A.Q. filed an official report with detectives stating that on Friday evening at approximately 10:15 p.m. while on his way home from work and walking on the Simpson Bay road he was almost ran over by a white car. The car stopped at which time two young men jumped out. A fight immediately broke out between him and these two men when they demanded money from him. Two other suspects stepped out of the car got into the fight. The victim continued struggling at which time the suspects tried to him push into the trunk of the car, however that did not succeed. The suspects then fled the scene in their car and not being able to steal anything from the victim.
A man with the initials L.M.M. stated that on Friday December 10th at approximately 10:30 p.m. while standing and talking to a friend outside of Carolina Bar on the Soualiga road, he was approached from behind by two unknown men at which time one of the men pulled his gold chain from his neck. The suspects then took-off running through street next to the tennis court.
A man with initials O.T stated that on Sunday December 12th at approximately 01:30 a.m. while driving through Mullet Bay in his car, his path was suddenly blocked by another car. Four men jumped out of the suspected car and attacked him. He was pulled from his car, thrown to the ground and severely beaten by these men. They robbed him of his Cellular telephone, his vehicle and U.S. $ 400 in cash. The vehicle was later found abandoned.
Baby’s Death Under Investigation & Murder rate rises in Bahamas
Police received a call around 10:30 a.m. Saturday that a male infant was unresponsive.
The baby was taken to the Princess Margaret Hospital (PMH) via EMS personnel where he was pronounced dead.
Police said an autopsy will be performed sometime this week to determine the exact cause of death.
Investigations continue.
Firearm Arrests
Police confiscated three firearms this weekend.
The first arrest happened around 8:30 p.m. Saturday.
Officers from the Mobile Division were on routine patrol on Augusta Street when they spotted a man acting suspiciously. Police said when the man saw them he began to run.
Officers chased the man and later captured him. They alleged that he had two handguns and an assortment of ammunition on him.
The 28-year-old Quarry Mission Road resident was later taken into custody.
A 35-year-old man was also arrested Saturday night after police allegedly caught him with a loaded handgun.
Officers said he was acting suspiciously at the time.
The Dorsett Street, Fox Hill resident was arrested at Potters Cay Dock around 10:55 p.m.
Police Investigate Two Shootings
Police are also investigating two separate shootings that happened moments apart on the same street Friday night.
Police said the first incident happened shortly after 7:00 p.m. Friday.
According to police, a man was walking in the Eneas Street area when he was approached by an armed man with dreadlocks.
Police said the culprit fired gunshots at the man who was hit several times.
The culprit immediately fled the scene, police said.
The victim was later taken to hospital in an ambulance.
Moments later, around 7:30 p.m., another man was assaulted and shot while walking through a tract road on the same street.
Police said a group of people in a silver Honda car approached the man and fired shots at his left leg.
He was also taken to hospital where his condition was also unknown up to last night.
As of today the country’s murder count now stands at 93.
Civil Recoveries of Emerald Cay by TCIG
On 3 December, the Turks & Caicos Islands Government issued civil proceedings against Emerald Cay Limited, Worldwide Commercial Properties Limited, Timothy Blixseth and Andrew Hawes arising out of the substantial under payment of stamp duty owed on the acquisition of land parcel number
60400/219 known as Emerald Cay in Chalk Sound, Providenciales. Those proceedings have now been served.
TCIG's claim against the Defendants alleges that by a series of agreements of no or little practical or commercial value they concealed the true value of the consideration paid for the Land in August 2006 leading to an underpayment of stamp duty owed under the Stamp Duty Ordinance.
TCIG alleges that the true consideration paid was $28 million whilst it was recorded on the Land Transfer Certificate as just $10 million and that the Defendants conspired together to enter into a scheme to avoid payment of stamp duty of $2,730,000 properly due, instead paying just $975,000.
TCIG is seeking a declaration that adequate stamp duty was not paid and that the Defendants are liable for the outstanding stamp duty of
$1,755,000, as well as a penalty of $7,020,000 under section 8(c) of the Stamp Duty Ordinance, as well as damages, interest and costs.
These are the latest set of proceedings issued by the Civil Recovery team since they began their work at the end of 2009, and the first set of
proceedings in connection with the avoidance of stamp duty. The Civil Recovery team is now involved in a substantial number of active recoveries
and further sets of proceedings are expected to be brought.
A copy of the Writ, was sent to RTC News for viewing
Early Christmas Salaries & Loans says PS Finance
Christmas Pay and Loan Scheme Agreed For Public Servants With Christmas approaching, the Ministry of Finance has agreed to pay more
than 2,400 public sector employees and pensioners a week early, to help them plan for the festive season.
The Ministry of Finance has also reached a deal with the banks to allow public sector workers to draw a loan against future salaries, to top up
their Christmas pay packet. Despite the hard economic times, it was felt that a cash boost would help hard working public servants to plan their finances during what can be an expensive time of year.
All TCI Civil Servants will be eligible to benefit: 1,575 salaried staff and 645 waged staff. Permanent Secretary for Finance, Delton Jones, said:
I'm happy to say we will be able to pay the Christmas salaries and wages early for the public sector this year. The banks have also said that they
will allow public servants to draw against their future salaries. I hope that, in the Christmas spirit, it will allow people to plan for and enjoy
this special time of year.
People should remember, however, that the Christmas loan payments will all be taken from future pay packet, and so should budget accordingly.
Officers foiled an attempt of Contraband thrown over Her Majesty Prison
Officers foiled an attempt of Contraband thrown over Her Majesty Prison walls from reaching the hands of Prisoners.
RTC News has gotten it on good authority that contraband is making its way inside the walls of Her Majesty's Prison.
A reliable source told RTC News that the illegal stuff that was thrown over the prison walls two mornings ago included marijuana, cigarettes and
a bottle of Hennessey rum.
RTC News contacted Prison Superintendant Ian Sargeant who has issued this official response by way of the Government's Press Office.
I can report that in the Morning of Saturday 11th December, Officers foiled an attempt to throw a black backpack was thrown over the fence at
the South East corner of the Prison. Staff witnessed a person in the bushes throwing the item over. Prison Officers reached the bag and so
foiled an attempt at the contents getting in the possession of prisoners.
A description of the person and the bag with suspected marijuana were handed over to the Police.
The suggestion was made to host of Expressions Mr. Robert Hall that the bushes surrounding the Prison should be cleared to about 20-30 feet so as
to deter persons from throwing such contraband over the walls of the Prison or making suspicious acts that more visible to Prison Officers.
Mr. Sargeant noted that with regard to the bushes surrounding the Prison, this is cleared periodically and the bush is also kept low through grazing
by the prison goats. However he said the Prison can only clear the bush on its own property.