His Excellency Governor Ric Todd chaired the meeting of the Turks and Caicos Islands’ (TCI) Cabinet on Wednesday 20 March 2013 at the House of Assembly Building on Grand Turk.
At this meeting Cabinet:
– Welcomed a presentation by the OECD Global Forum Peer Review Team who are visiting to review TCI’s legislation, processes and capacity to exchange tax information effectively with international partners. The team complimented TCI on the progress it had made in this area since 2011 and noted their positive impressions of the current situation. The team’s report will be finalised by the end of the year. Cabinet underlined TCI’s commitment to meet high standards and fulfil all its international obligations in this area. Cabinet confirmed that it would respond promptly and appropriately to any recommendations from the Team;
– Agreed that the Governor would sign into effect regulations to increase accommodation tax from 11% to 12% with effect from 1 July 2013; and that the draft legislation allowing for increases in stamp duty agreed by Cabinet on 13 March would be laid before the House of Assembly at its next sitting; and that, if House approval was given, the appropriate regulations to implement these increases would be signed by the Governor to give the increase effect from 1 July 2013;
– Recommended that the Governor appoint Mr Hartley Coalbrooke to the NIB as Deputy Chairman as a Government representative;
– Accepted a proposal from the Minister of Finance that there be a moratorium for one year on the issue of all gaming licenses while the Government undertook a review of the operation of the gaming industry on TCI and the legislation and regulation in force;
– Discussed a report containing proposals on reform of the regulatory framework of the electricity sector on TCI and agreed these proposals, particularly with regard to transparency, renewable energy, rate of return and power cost adjustment. Cabinet asked the Energy and Utilities Commissioner to continue work on this subject, including consideration of possible legislative changes, and to report back to Cabinet after further discussion with the industry in 6 to 8 weeks time;
– Considered a proposal to extend NHIB coverage to persons unemployed for more than 90 days and to returning unemployed graduates. It agreed to take a decision on this at its next meeting when it had seen and reviewed information on the costs and affordability of the proposal;
– Discussed the use of the TCI National Stadium and Gustarvus Lightbourne Sports Centre for non – sporting purposes. It agreed that it was important that these multi-purpose facilities should continue to be used for a wide range of purposes, both to serve the community and to raise revenue, but that further attention should be given to improving planning and scheduling of bookings;
– Agreed to reinstate the 10% pay cut for staff of the Community College with effect from 1 April 2013, with the additional resources required found from elsewhere in its proposed budget for 2013/14 and/or from increased revenue raised by the Community College;
– Agreed to issue tenders for the provision of bus transportation for schoolchildren on Providenciales and North and Middle Caicos;
– Considered a revised FSPS, including revised estimates for recurrent revenue, and asked the Ministry of Finance to complete work on it as soon as possible. Meanwhile it noted that budget preparations should continue with a view to the 2013/14 budget being finalised and approved by the first quarter of next financial year.
– Agreed that the Acting AG would submit to the House of Assembly draft legislation on bearer bonds and consequential amendments to legislation following the appointment of the Director of Public Prosecutions
Cabinet will meet next on Wednesday, 27 March 2013
