$10-b tax package hits motorists, smokers, electricity users hard in Jamaica
Jamaicans will have to pay more taxes to drive, smoke and use electricity on April 1 when a $10.3-billion tax package introduced yesterday by Minister of Finance and Planning Dr Peter Phillips takes effect.
The tax measures came as no surprise to some observers, despite constant assurances from Dr Phillips, since the tabling of the budget on February 19, that compliance measures would fill most of the gap.
They will also affect domestic production as well as importers, including those trading with Jamaica’s Caribbean Community (Caricom) partners who are required to pay an environmental tax; those paying trade and business licence fees; and is expected to be extended to affect life insurance companies before the fiscal year ends. Hardest hit are motorists who will have to fork out some $8.2 billion more per annum to pay for petrol and petroleum products at local service stations.
Dr Phillips admitted in the House of Representatives yesterday that the hole in his $641-billion budget for 2015/16 was really $22.7-billion.
The ministry had previously spoken to a $10.4-billion gap, which Phillips suggested could be largely filled by increased compliance, as well as some changes to the Property Tax Act, new transfer tax legislation affecting transfer pricing rules, and withholding tax on statutory payments.
However, yesterday he explained that those measures would only cover $12.3 billion of the $22.7- billion-wide hole by the end of the year.
This left a gap of $10.4 billion, which has to be filled by new revenue measures.
These measures include:
• an increase in the special consumption tax per stick of cigarette from $10.50 to $12, as of today, to yield $488 million in revenue;
• an additional specific special consumption tax of $7 per litre of petrol, which is expected to yield $6.4 billion as of March 18;
• Conversion of the one per cent petroleum cess to a specific special consumption tax of $2 per litre of specific petroleum products, to yield a further $1.8 billion also as of March 18;
• Re-introduction of the GCT at the standard rate on monthly residential electricity consumption above 350 kilowatt hours, to yield $807 million as of April 1; and
• The extension of the environmental levy to cover domestic production and imports from Caricom partners, as well as imports from countries outside of the regional community, to reap an addition $962 million in tax revenues as of April 1.
Phillips also informed the House that his ministry is still in discussions with the insurance sector on introducing a corporate income tax (on total income) to be levied at the standard rate of 25 per cent.
On the positive side, Dr Phillips announced an increase in the income tax threshold, from $557,232 to $592,800, effective next January, which will cost the Government some $644 million by the end of the fiscal year, and removal of duties on imported breeding stock for the horse racing industry, costing only $1 million.
Phillips told the House that the additional revenues are necessary if the country is to attain the target of a 7.5 per cent primary surplus in the absence of any further policy or administrative actions.
“The Jamaican people are a people of faith, and now is the time for us to demonstrate our faith in the future, bolstered by what we have achieved thus far and confident in our capacities to achieve our goals,” Phillips said.
Source-Jamaica Observer
US stocks fall on dollar's strength
US shares ended the week lower, despite a small recovery on Thursday, as investors fretted over falling oil prices and a strong US dollar.
At the end of trading on Friday, the Dow Jones was down 146 points - or 0.8% - at 17,749.57, while the S&P 500 was 12.6 points lower at 2,053.39.
The tech-heavy Nasdaq shed 21.33 points to 4,871.76.
The dollar rose by 1.42% against the euro, making one dollar worth €0.9543.
A strong dollar can hurt US companies' profits, as they get less from their overseas earnings after currency conversions.
Additionally, the dollar's strength makes it harder for firms to compete with foreign rivals, who may be able to offer similar products more cheaply.
The price of the US oil benchmark - West Texas Crude - fell by 4% to $45 a barrel, hurting shares in the sector.
Oil and gas driller Ensco fell by almost 6.6%, while rig owner Transocean fell almost 5%.
Stallions to take on the Spartans
The PABA league resumed after a short break with two exciting games on Wednesday evening in Providenciales.
The Hustlerz defeated the Spartans 66 -58.
Kirk adams scored 26 pts, 17 rebs, 7 assists, 5 steals while Tory Jackson added 18 pts, and Devonio Quant scored 18 pts, 11 rebs for the Hustlerz.
The Steelers defeated the Shottas 66-63 with a last second buzzer beater by Tevin Missick.
The Steelers scored 6 points in 4 seconds to clinch the win. Sugar Ray Smith scored 13 pts, 4 rebs, 3 assists and 3 steals while Edwin Pierre added 11 points for the Shottas.
Tevin Missick scored 23 points and caught 9 rebounds and Evans Donatien scored 17 points, 10 rebs & nabbed 4 assists for the Steelers.
Games will continue on Friday night when the mighty Stallions will take on the Spartans and the Predators will do battle against the Coca Cola Classics.
These exciting games will attract a fee of $5.00 per entry.
Jury Rules "Blurred Lines" Violated Copyright of Marvin Gaye
A jury in Los Angeles has found that Robin Thicke and his collaborators on "Blurred Lines" improperly borrowed from Marvin Gaye's 1977 hit "Got to Give It Up," awarding the family of the late soul singer $7.3 million dollars for the copyright infringement.
Gaye's family sued Thicke and his co-writers Pharrell Williams and rapper T.I., accusing them of using material from the late soul singer's hit for their 2013 smash.
Both Thicke and Pharrell appeared in court defending their work, with Pharrell admitting similarities in testimony and Thicke admitting he was a fan of the Gaye hit.
NEW DIRECTOR OF PUBLIC PROSECUTIONS APPOINTED IN TURKS & CAICOS ISLANDS
The Governor announced on 10 March the appointment of John Masters as the new Director of Public Prosecutions.
Mr Masters will take up the position on April 27, 2015, following the departure of his predecessor JoAnn Meloche in early February. A qualified Barrister, he has 27 years post admission qualification experience in UK, Australia and the Cayman Islands.
“I am pleased to announce the appointment of John Masters to this important post,” said Governor Peter Beckingham, who approves all senior public appointments in the Territory. “He brings with him a wealth of experience, and I hope his skills will enhance the work of the prosecutions department within the overall criminal justice system.”
Speaking about his appointment, Mr Masters said: ““I am extremely proud and honoured to be entrusted with such an important role and look forward to serving the people of the Turks and Caicos Islands as their Director of Public Prosecutions.”
The DPP role was advertised locally, regionally and internationally. It attracted a field of 11 applicants, with five candidates shortlisted for interview by a panel which included the Governor, Attorney General Rhondalee Braithwaite-Knowles, and Wendall Swann from Swann & Swann Attorneys at Law.
Bermuda defeats the TCI in Rugby
Bermuda ran in seven tries in a one-sided North American and Caribbean Rugby Championship victory over Turks and Caicos Islands.
Dan Cole and Durnferd Davis scored two tries each, while Paul Dobinson, Tom Healy and Roedolf van der Westhuizen also crossed in a thoroughly dominant display, and Patrick Calow, making his debut at fly-half, added 20 points with the boot.
It took Bermuda just 36 seconds to get their first points on the board, Cole crossing in the corner after the forwards turned the ball over straight from the kick-off.
The score set the pattern for the day, with Bermuda completely in control up front, forcing TCI into infringing at the breakdown almost every time they got the ball.
The game ended with Bermuda winning 55 to 3.
PM calls for end to discrimination, violence against women, girls
Prime Minister Portia Simpson Miller is urging Jamaicans to end all forms of discrimination and violence against women and girls.
Her call comes as the world celebrates International Women’s Day today under the theme: “Empower Women, Empower Humanity: Picture it!”
According to Simpson Miller, Jamaica has made considerable progress towards empowering women through improved access to quality education and training and improved participation in high-level decision-making.
She says there has also been progress in facilitating the growth of small and medium-sized enterprises, expanding health care and services for women and girls and through poverty reduction programmes, among many other initiatives.
The prime minister also pointed to Jamaica’s ranking in a recent International Labour Organization Survey which found that island has the greatest proportion of women managers and business leaders.
March observed as Social Work Month
March each year is observed as, Social Work Month this is an opportunity to promote the value of social work around the world and to turn the spotlight on the profession and highlight the valuable contribution of Social Workers make to society.
The theme for 2015 is “Social Work Paves the way for Change. We are the Changers.”
The Department of Social Development and Gender Affairs, Ministry of Environment and Home Affairs, join in on this annual occasion. World Social Work Day will be celebrated on the 19thMarch, 2015.
In celebration of Social Work Month, the Department of Social Development and Gender Affairs will be hosting a variety of activities throughout the Islands:
Volunteer Day will be held at the Wellness Center & Special Needs, Provo Children’s Home (March 21, 2015). “Become a Social Worker” Presentations will be held between March 16 – 27, 2015 and there will be a special Social Worker Retreat.
Governor Beckingham in his latest blog payed tribute to Women in the TCI
HE Governor Beckingham in his latest blog payed tribute to Women in the TCI on Sunday.
Mr. Beckingham added that he’s pleased that the Turks and Caicos will be joining in those celebrations.
He stated that “We have a great deal to be proud of In politics, our country’s Deputy Premier and Minister of Education, Youth and Sport is Akierra Missick. Her position as Minister of Youth is most apposite, as she hit the political stage in her early 30s. Two of her Ministerial colleagues are of course The Hon Porsha Stubbs Smith, Minister of Tourism, the Environment and Culture, and the Hon Amanda Misick, Minister of Government Support Services, and the Honourable Sharlene Robinson who leads the opposition. So there is certainly no shortage of female firepower on the front benches of the House!
Mr Beckingham then turned his attention to our Judicial and Legal positions. Rhondalee Braithwaite-Knowles is the first female Attorney-General of Turks and Caicos, and was honoured by being made Person of the Year by the Weekly News newspaper. Our new-ish Chief Justice, Margaret Ramsey-Hale, is also the first woman to hold that key office of our country, and our deputy Public Prosecutor is the youthful Angela Brookes, who I hope might in the next year or so return for a short spell to the UK to work with the Crown Prosecution Service there.
As if that isn’t sufficient evidence of how extraordinarily well-placed we are in demonstrating the achievements of women, our Public Service is ably lead by my Deputy, the Hon Anya Williams, a former Permanent Secretary, and her senior management team has a majority of women, including the heads of Finance, Health and Environment. The heads of a number of our Statutory bodies, including the Public Service, Human Rights (both chair and director) and Complaints are also lead with authority by ladies of distinction who have served our islands for many years.
Continuing HE said that the TCI is in an excellent place, as far as the promotion of women to senior positions are concerned, although of course there is never room for complacency.
We should all be justly proud of the women I have mentioned, as well as several others, like Edith Cox at IGA and Evelyn Adams at the Do It Centre, in senior positions in business. But I know that they would all insist that we should also celebrate the contribution of thousands of other women in our islands, who work more anonymously, educating our children, running our healthcare centres, supporting the big resorts, protecting our borders, and bringing up the next generation.
Most appropriately I am delighted that the Attorney-General has accepted my invitation to write a “guest blog” this month, describing her visit to London to represent our country at some important, international legal events. Watch this space!
International Women’s Day 8th and 14th March, 2015
The Department of Social Development and Gender Affairs, Ministry of Environment and Home Affairs, will join the rest of the world on March 8, in celebration of International Women’s Day (IWD) under the theme “Make it Happen”.
International Women’s Day is a global celebration marking the economic, political and social achievements of women.
This year the International Women’s Day Committee (IWD) has organized activities that will be held throughout the Turks and Caicos Islands. All women, men, boys and girls in the Turks and Caicos are invited to be a part of this grand occasion as we celebrate women of the Turks and Caicos Islands.
Women play an important role in every aspect of civil society and are therefore the life line in the TCI. Let us join hands to celebrate in unity and love as we ‘Step out, Step up and Make it happen’ in the lives of women throughout the Turks and Caicos Islands.
Minister for Environment and Home Affairs the Hon. George Lightbourne in his address, saluted women and vowed that he and his Government will do all possible to ensure that women rights are protected.
On Saturday, March 14, at 10:00am the Grand Turk Community will host its second annual Sporting and Cheerleading competition at the Parade grounds, featuring women from all walks of life. There will be live performances by students from the various schools in Grand Turk. There will be activities such as relays, tug of war, and sack races.