TCIG has advised the Blue Ribbon Taxation Commission to defer implementation of the General Services Tax (GST)
The Cabinet of the Turks and Caicos Islands Government (TCIG) with advice from the recently established Blue Ribbon Taxation Commission has announced its decision to defer implementation of the General Services Tax (GST) and Temporary Drivers License Fee (TLF) pending the Commission’s recommendations on more suitable revenue structure for the Islands.
Consequently, Cabinet considered and approved temporary measures to bridge the shortfall resulting from this decision.
These temporary measures will be implemented on 1 October 2013 as follows:
i) Increase the rate of the following revenue streams from 10% to 12%:
a) Stamp Duty of Vehicle Hire
b) Telecommunication Tax
ii) Increase the rate of fuel tax by 10 cents from 75 cents to 85 cents
iii) Expansion of the Telecommunication Taxation Base to include Internet services.
For further information, please contact the Revenue Department at telephone numbers 941-8649 or 946-2686.
Their offices are open from 8 AM to 4:30 PM Mondays to Thursdays and 8AM to 4PM on Fridays.
Blackberry agrees preliminary deal to be sold to Fairfax
Struggling smartphone maker Blackberry has agreed in principle to be bought by a consortium led by Fairfax Financial for $4.7bn (£3bn).
Blackberry said in statement that Fairfax, its largest shareholder, had offered $9 a share in cash to buy the company.
Trading in Blackberry shares was temporarily halted in New York pending the announcement.
On Friday, Blackberry announced 4,500 jobs cuts in a bid to stem losses.
In August, the Canadian company said it was evaluating a possible sale.
The company said it has "signed a letter of intent agreement under which a consortium to be led by Fairfax Financial Holdings Limited has offered to acquire the company subject to due diligence".
The statement continued: "Diligence is expected to be complete by November 4, 2013. The parties' intention is to negotiate and execute a definitive transaction agreement by such date."
However, Blackberry said it was not in exclusive talks with Fairfax and would continue to "actively solicit, receive, evaluate and potentially enter into negotiations" with other potential buyers.
Brian Colello, analyst at Morningstar, said that taking Blackberry private would allow the company to reorganise without being under the glare of Wall Street investors and was therefore probably a good option.
He said: "Based on the company's disastrous earnings warning on Friday, I think a deal had to happen and the sooner the better. This is probably the only out for investors and the most likely outcome.
"The benefit to this sort of takeover is the ability for Blackberry and the consortium to reinvent the company without public scrutiny. It appears that the end game is going to be whether Blackberry can emerge as a niche supplier of highly-secured phones to enterprise customers and governments."
Blackberry's financial problems came to a head this year following disappointing sales of its new Z10 model smartphone.
Released in January - after many delays - the phone has failed to enthuse consumers.
Over the summer, word trickled out the company had hired a series of advisors to help it explore options.
Apple sells 9 million of its new iPhone models
The company said that sales of the iPhone 5S and 5C had beaten previous launches of new phones.
Apple said demand for the 5S had outstripped supply and Apple shares rose almost 6% on the news before falling back to trade 4% higher.
The 5S has a fingerprint sensor built into the phone's main button. The cheaper 5C comes with a plastic back in a choice of colours.
In a statement Tim Cook, Apple's chief executive said: "The demand for the new iPhones has been incredible, and while we've sold out of our initial supply of iPhone 5S, stores continue to receive new iPhone shipments regularly.
"We appreciate everyone's patience and are working hard to build enough new iPhones for everyone."
Analysts said that while the sales were strong, Apple had made an effort to ensure that the opening weekend was a success.
"Apple was concerned about the public relations angle of a soft first weekend, so they took some steps to strengthen the numbers," telecom analyst Jeff Kagan said in an email.
"Traditionally users could pre-order devices. Not this year.
"This year anyone who wanted a new iPhone must get into line. That bolstered the lines and strengthened [the] opening weekend from a PR perspective. This upset users, but made for great numbers," he said.
In a notification to market regulators Apple said it expected sales in its fourth quarter to be at the higher end of its previous announced range of between $34bn and $37bn.
It also forecast that its gross profit margin would be near the high end of the previously provided range of 36-37%.
"Despite the pessimism from many commentators over the last few days this is a ringing endorsement of the ongoing appeal of the iPhone to consumers on the street.
However, there is definitely no room for complacency and Apple most definitely can't stand still when it comes to future product releases."
NATIONAL YOUTH WEEK ADDRESS 2013 BY THE OFFICE OF THE LEADER OF THE OPPOSITION
Yesterday and today we mark the beginning of Youth Week 2013 with Church Services and I commend the organisers for commencing this week long celebration in this manner.
As I reflect on the beginning of this journey. It was in 1995, the Derek Taylor led Administration deemed it important enough to set aside a day to celebrate our youth. From that day to this, much has been accomplished but there is much to do. However I remain grateful that there remains a commitment to ensure that greater focus is placed on our youth during this week.
At the outset, we wish to thank Mrs Angela Musgrove for her work and commitment over the years and we are sad to see her go but we are certain that she will continue in her avid support for positive youth development. We also wish to congratulate her on her recent recognition and Award from the British Empire.
Youth in this country continue to play pivotal roles and they continue to make contributions, be it positive and negative. It is up to us to ensure that their contributions are more positive than negative and we must recommit ourselves to their positive personal development. We often say that youth are the future leaders and I beg to differ to a certain extent because they are leaders today as well. They may take on more senior leadership roles as we move on but there is a need for a shift in thinking and we are called to recognize that they are already leaders in one respect or another and we must equally embrace them as co leaders today.
I pause to encourage and celebrate our youth who have taken on international, regional and national roles: our Youth Ambassadors, our Youth Parliamentarians, various Student Government Councillors and Prefects. These youth already have great leadership roles and need to be celebrated and encouraged. It is now time to reinforce a comprehensive Youth Policy that will aid the leaders of today and prepare the leaders of tomorrow. This Policy must embrace and plan for all the challenges that our youth face: imprisonment, juvenile delinquency, special needs, gang violence and bullying. They have immediate needs such as technical and vocational training, scholarships and funding for further educational pursuits and employment. These are but a few of the challenges that remain constant. As a member once of the National Youth Council, I was a part of drafting the first National Youth Policy and I am happy to hear that the Government has since revisited the need for this Policy and I look forward to seeing the master plan for youth development in these Islands but I caution that whilst we give to the development of our youth, we must demand more of them and we must establish a National Volunteer Service and Cadet Program, both of which I am convinced will help us as a people in shaping the best adult citizens possible.
In 2000 I spearheaded a Private Member’s Motion in the then Legislative Council that saw the establishment of the Culture Desk now Culture Department and assisted the first Director with a Cultural Policy. A part of that Motion was to feature TCI culture strongly in the week leading up to National Youth Day and the week was named Culture Awareness Week, the week now embraced as Youth Week. I wish to encourage us all to ensure that our children remain exposed to true TCI culture and that we make every effort during every opportunity that presents itself to instilling in our youth what truly makes or ought to make us proud to be Turks and Caicos Islanders. For there to be a shift in the attitudes of our youth as we desire, there must be a true sense of a national pride and a strong sense of ownership and belongership. It is important for them to know who we are as a people so as to give them a true sense of identity.
We are all responsible for the leaders among us – current and future and it is my hope that we use this week to reflect on how are we contributing to the development of our country’s future. Youth are bound to be the future leaders and how we mold them today will determine what type of leaders they will be tomorrow because they will lead this country. May we reflect on the decisions that we make that will impact them today and tomorrow and may we realize that we are all accountable to them and for the future we hand to them.
Youth I ask that you require more of yourself, aim high and make wise decisions. Embrace the opportunities that are made available to you and allow God to lead you on the best path for your life.
As Director of Youth for the TCI Baptist Union and President of the Caribbean Baptist Fellowship Youth Department, I am blessed with the God given role of working with our youth in this country and around the Caribbean. I remain committed to developing our youth for the betterment of nations around this region and at home. I challenge us all to do more as our youth are achieving more: more academically, in sports and other initiatives and they are equally facing more and more challenges.
It calls for a greater investment of our resources and not just financial but also our time. I am calling on the Government to do its part and I am calling on individual citizens to donate to a worthy cause, to give of your time and talents by joining a civic organization today or by lending your support to those organisations that focus on our children Sunday and Sabbath Schools, Youth Ministries, the Kiwanis Club, Soroptimist, Rotary, Path Finders, Boy Scouts, Girl Guides, Brownies, Rainbows and other affiliate Clubs.
It is time we invest in our youth as they are the key. I wholehearted embrace and welcome this year’s theme “Invest in me: I'm the key”.
Youth, enjoy your week!
Sharlene L Cartwright Robinson LLB CLE JP
Kia Kats and Rulay will meet in the finals starting Saturday in Provo
RTC Sports enjoyed some good Softball over the weekend in Providenciales.
On Saturday in the third game of the playoffs between Rulay & the Flyers; Rulay won that game 15 to 4 to advance to the championships, where they will meet the Kia Kats.
That game will begin on Saturday at 3pm.
Then it was Silver Deep VS Discount Tigers where. Silver Deep won that game 9 to 7 putting SD up 2 games in the playoff.
On Sunday, the third game between Silver Deep (SD) taking on Discount Tigers in a very close game, Silver Deep emerged victorious with the win in the 3rd game of the playoff with the score 17 to 14, advancing them to the championship.
In the second game between the Braves & Kishco saw incredible skills at the bottom of the third, Kishco lead 10 to 3 in the third game between them, but that game will continue next Sunday due to bad lights.
Will Braves make a come back or will Kishco take the 3rd game to meet Silver Deep in the Championship?
Time will tell!
Games continue on Saturday with the game one of the championships between Kia Kats and Rulay and RTC Sports will bring you the highlights.
TCI DELEGATION ATTENDS KPMG SUMMIT IN MIAMI
The Premier, Dr. Hon. Rufus Ewing will be attending the 2013 KPMG Island Infrastructure Summit in Miami, Florida next week, as a Key Note Speaker, to what is anticipated to be well over two hundred investors, bankers and financiers, developers and other public sector leaders.
As mentioned in a Press Briefing yesterday with the local media, Premier Ewing will be presenting three major projects that the Government has identified for the country and what he has termed as “transformational” and “life changing” development opportunities.
With the new resort developments on the horizon and previously stalled developments remobilizing, the total number of room keys is expected to almost double over the next five to eight years. It is with this exponential growth in mind that the first of the three projects is the re-expansion of the Providenciales International Airport. This would-be third expansion would develop a first class International Arrivals and Departures terminal that will offer travelers the luxury and comfort that is characteristic of a luxury high end destination like the TCI. The current expansion will be re-commissioned as a Domestic and Regional Cargo terminal to ensure full utilization of the facility. This new airport would also have the capacity to facilitate flights from other markets and extend its service to Aircraft Registry as a Regional Hub, offering a viable alternative to the United States Hub in Puerto Rico.
The Turks & Caicos Islands is strategically situated to capitalize on the transshipment of goods from North America, South America, Europe and the Caribbean. It is with this opportunity in mind that the second project being presented is the East Caicos Development Corporation. This project proposes a mega cruise port, mega cargo port and mega yacht port with resort facilities, duty free shopping and other tourist attractions. Ideally situated, and as a Ship Registry, the potential would be there to benefit from shipments coming from Canada and the USA to the Caribbean and South America and likewise from Europe, and return. Major Cruise Companies could have routes beginning in East Caicos as a major hub and Premier Ewing has confirmed that major cruise lines like Carnival and Royal Carbbean have already expressed interest in utilizing this port.
As a natural complement to the Providenciales Airport Expansion and the East Caicos Development Corporation comes the third project, the linking of the Caicos Islands to form one land mass. This project will be achieved in phases, with the first being the linking of Providenciales to North Caicos and the second linking East Caicos to Middle Caicos and East Caicos to South Caicos. The benefits of the one land mass are tremendous, ensuring that the economies of all the Caicos islands have the opportunity to benefit from the development of East Caicos. The cost of imported goods would decrease, the cruise ship passengers arriving in East Caicos would have access to the delights of Providenciales and the high number of tourists arriving at the Providenciales International Airport could experience the flavors of the other islands.
The access to all of the islands would also aid in the diversification of our tourism product towards eco-tourism, with guests having the ability to enjoy the Marsh Lands of East Caicos and the Lucayan Caves of East Caicos and the caves of Middle Caicos, as well as the cultural and historic attractions of South Caicos. Other benefits would include the immediate creation, and accessibility to jobs, less need for the duplication of government supported services and the possibility to develop a trucking industry that would transport food and cargo between the islands.
When asked about how he feels and what he hopes to achieve in Miami, Premier Ewing said this, “The Turks & Caicos Islands is ripe with opportunities for investment, and the timing is right in this season of expectancy when Investors are looking to be a part of something big and life-changing for themselves, the country, the region and I daresay, the world. So it is our aim to attract the right investors and show them why they should partner with the Government of the Turks & Caicos Islands as opposed to anywhere else.”
“Our economy is stable with a projected growth of 3.4% in 2013. The development projects on stream will increase our room keys by fifty percent in three years and we are strategically located to be a major player in transshipment of aircraft and large vessel registry. In addition to this, our Caicos Islands are home to some of the largest Marsh lands and Cave systems in the region and can therefore support our development of an eco-tourism center, attracting the environmentalist at heart, while preserving the natural eco-system of the island. So knowing the great potential here the government has already begun preparing the way forward and through the development of Policies and the formation of Public Private Partnerships, we will take the Turks & Caicos to a higher level of economic growth and development.”
In a recent article published by the International Monetary Fund (IMF) entitled, “Robust Economic Growth Must be Private-Sector Led,” Warren Smith, President of the Caribbean Development Bank asserted that while policy-makers must do outreach, the private sector has to take an active role in “generating economic growth.” Further, Alejandro Werner, the Director of the Western Hemisphere Department of the (IMF) stated that “durable growth” has to be “private sector-led.”
The Premier will be joined in Miami by members of his staff, the Minister for Government Support Services, Hon. George Lightbourne, whose ministry will be largely involved with this type of development, and a host of business persons from a wide cross-section of the private sector, representing business gurus, lawyers, accountants, the Tourism & Hotel Association, real estate, contractors, civil engineers and the banking industry.
20th SITTING OF CABINET PRESS BRIEFING
Her Excellency the Acting Governor, Anya Williams, chaired the 20th meeting of the Cabinet on Wednesday 18 September 2013 at the House of Assembly Building in Grand Turk.
All Ministers were present at the meeting.
At this meeting Cabinet discussed and agreed the following:
The Acting Governor disclosed the award of Capital Projects to successful bidders.
• The contract to source and supply vehicles to the Royal Turks & Caicos Islands Police Force was awarded to Champion Trucking.
• The contract for the design and installation of Closed Circuit Television System at the Radar Tower in Providenciales was awarded to Eagle Claw Security.
• The contract for the installation of a generator at the Green Door Hurricane Shelter in Grand Turk was awarded to R & R Company.
• The contract for the construction of the Customs Warehouse & Fence in Grand Turk was awarded to J&H Construction.
Members heard an update on the negotiations re the National Stadium from the Minister of Education, Youth, Sports, Culture & Libraries. Negotiations are ongoing between the Attorney General’s Chambers on behalf of the Government and the legal representatives for the TCI Education Foundation. The matter is expected to be resolved in due course but Cabinet agreed that the matter will be eventually debated in the House of Assembly with the aims of agreeing the way forward.
The Minister of Finance tabled a request for a revised MOU between Government and The Ambergris Cay Development. Cabinet agreed that since the Ambergris Cay Development is not in Liquidation but merely in Receivership, a new MOU would only be offered provided all arrears with Government are satisfied by the Receiver.
Members considered a paper on a model Inter-Governmental Agreement tabled by the Minister of Finance. This non-reciprocal agreement would allow Financial Institutions in the TCI to report on activity for accounts of US Citizens to the TCI Government and the Government would report this collective activity to the United States Government. Cabinet agreed that this agreement is a further step in TCI’s efforts to be compliant with International Standards in thwarting tax evaders and minimizing the risk of money laundering.
Members considered a paper on the establishment and implementation of the Infrastructure Fund which was tabled by the Minister of Government Support Services. Cabinet agreed that the proposal made by Carnival Cruise was a positive prospect for the economy of Grand Turk and agreed to the appointment of a Project Manager by Carnival Cruise who will be funded by the fund.
Members considered a paper on the Credit Union Policy tabled by the Minister of Finance. The paper recognized the need to allow the legal establishment of Credit Unions in the TCI as a means of helping to secure the financial earnings of those persons as an alternative to the Financial Banking Institutions, and to regularize those Credit Unions already operational with the country. Cabinet agreed that there is a need for Credit Unions and noted actions that would aid in moving the process forward.
Further information on the issues addressed by Cabinet will be provided by Ministers in due course.
Cabinet will hold its next meeting on Wednesday October 2, 2013.
UK Prime Minister says'TURKS AND CAICOS ISLANDS IS NOT A TAX HAVEN'
The Turks and Caicos Islands is one among several of the Overseas Territories rejoicing at the declaration made by UK Prime Minister, David Cameron.
During the recent sitting of the House of Commons, Minister Cameron strongly defended the Overseas Territories, stating, “I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as Tax Havens.”
The Prime Minister further acknowledged the steps that the majority of the Territories have taken to ensure that they are compliant and to demonstrate their commitment to operating a fair and transparent tax system. Minister Cameron further suggested that the Overseas Territories and Crown Dependencies matter a lot to the British People and that our efforts should be defended by the UK Government.
In a joint statement released by the Leaders of the Overseas Territories, the Premier, Dr. Hon. Rufus Ewing publicly demonstrated to the world that we, the Turks and Caicos Islands, fully concur with Minister Cameron’s statement and we are pleased that we are finally being recognized for our efforts to ensure that we are a well regulated and compliant jurisdiction and that the Turks and Caicos Islands is not a tax haven.
Premier Ewing commented, “The Turks and Caicos Islands, along with other Overseas Territories made the commitment several months ago to join in the efforts to ensure that we have a robust, open and fax tax system that would thwart tax evaders and discourage the activities of money launderers and other financial crimes. We fully concur with Minister Cameron’s statement and we want the world to know that the Turks and Caicos Islands is not a tax haven and investors can come and do business here with the confidence that we have a safe, compliant and well regulated Financial Services Center.”
In June of this year, Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Anguilla, Montserrat, the Turks and Caicos Islands, Jersey, Guernsey and the Isle of Man agreed to the reform of their Financial sectors to internationally recognized and accepted Global Standards by signing up to the Multilateral Convention on Mutual Assistance in Tax Matters, an initiative led by the Organization for Economic Cooperation and Development (OECD).
TURKS AND CAICOS ISLANDS IS NOT A TAX HAVEN
The Turks and Caicos Islands is one among several of the Overseas Territories rejoicing at the declaration made by UK Prime Minister, David Cameron.
During the recent sitting of the House of Commons, Minister Cameron strongly defended the Overseas Territories, stating, “I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as Tax Havens.”
The Prime Minister further acknowledged the steps that the majority of the Territories have taken to ensure that they are compliant and to demonstrate their commitment to operating a fair and transparent tax system. Minister Cameron further suggested that the Overseas Territories and Crown Dependencies matter a lot to the British People and that our efforts should be defended by the UK Government.
In a joint statement released by the Leaders of the Overseas Territories, the Premier, Dr. Hon. Rufus Ewing publicly demonstrated to the world that we, the Turks and Caicos Islands, fully concur with Minister Cameron’s statement and we are pleased that we are finally being recognized for our efforts to ensure that we are a well regulated and compliant jurisdiction and that the Turks and Caicos Islands is not a tax haven.
Premier Ewing commented, “The Turks and Caicos Islands, along with other Overseas Territories made the commitment several months ago to join in the efforts to ensure that we have a robust, open and fax tax system that would thwart tax evaders and discourage the activities of money launderers and other financial crimes. We fully concur with Minister Cameron’s statement and we want the world to know that the Turks and Caicos Islands is not a tax haven and investors can come and do business here with the confidence that we have a safe, compliant and well regulated Financial Services Center.”
In June of this year, Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Anguilla, Montserrat, the Turks and Caicos Islands, Jersey, Guernsey and the Isle of Man agreed to the reform of their Financial sectors to internationally recognized and accepted Global Standards by signing up to the Multilateral Convention on Mutual Assistance in Tax Matters, an initiative led by the Organization for Economic Cooperation and Development (OECD).
Scotia Celebrates small Business Week
Scotiabank (Turks and Caicos Islands) Limited will be celebrating Small Business Week. The Branches will be focusing on entrepreneurs with a series of activities which include a branch open house with complimentary resources for small businesses, small business customer displays in all three branches and a client appreciation event.
“At Scotiabank, we know the valuable contribution of small business owners to the growth of the Turks and Caicos Economy. We are excited to see the large amount of entrepreneurs who seize the opportunity daily to invest in their dreams and put their plans into action. I am particularly proud of the young professionals who are investing in entrepreneurship and taking on the challenge of starting their own business in this market,” said Cecil Arnold, Managing Director of Scotiabank Turks and Caicos.
Scotiabank will be looking to launch a new product during our Celebration of Small Business week which will cater to that segment of the market, providing them with lower loan rates and attractive terms as we recognize that they are generally lower risk and have the potential for even greater earning power explained Mr. Arnold.
Speaking about the work that Scotiabank has invested in developing the technical capacity of its clients, Scotiabank Small Business Banking Manager, Mr. Jerelle Laporte said “We are committed to helping entrepreneurs achieve their financial goals, offering relevant advice; services and tools that will help them start and grow their small business. We believe that financial literacy and business planning and knowledge are vital to our client’s business success.”
As part of the Small Business Week, the Scotiabank Turks and Caicos Virgin Islands team will be promoting the services of its small business clients through in branch displays all week, as well as an hosting an open house where persons interested in starting a business or expanding their operations can visit our small business representatives to talk about the best opportunities to get their company off the ground. The team will also be providing tips and technical advice on how to better manage their businesses into successful enterprises.
Scotiabank works with business owners all over the Caribbean to provide insights and tools to help entrepreneurs confidently manage their business at every stage.
For more information on Small Business Banking and Small Business Week please visit: turksandcaicos.scotiabank.com. Find Scotiabank Turks and Caicos Islands on Facebook by searching www.facebook.com/ScotiabankTC.