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Today’s Top Headlines




TCI Premier Says Higher Taxes Will Not Increase Living Costs

by Mike Godfrey, Tax-News.com, New York

11 November 2013

The premier of the Turks and Caicos Islands, Rufus Ewing, has hit back at claims made in the media and the general population that tax hikes introduced by Finance Minister Washington Misick will raise the cost of living.

The government has increased the fuel tax to 75 cents per gallon, and the vehicle licence fee from USD35 to USD175. Other tax increases include a rise in stamp duty for real estate sales, a 6 percent levy on income for health care, a new 7.5 percent tax on all imports, increased customs duty rates, and a 12 percent tax on hotel rooms.

The premier said he will investigate any firms that raise their prices as a result of the tax increases, but did not indicate how businesses are expected to take on the increased costs without passing them on to consumers.

The tax increases are supposedly temporary and are intended to cut national debt. However, the Turks and Caicos Islands have been subject to numerous tax hikes since the Progressive National Party took power in 2003.

TAGS: Finance | tax | business | Turks and Caicos Islands | health care | stamp duty | Other

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Taxes does effect citizens income. Take a look what is happening to the US high taxes is effecting the economy what you need is capitalism , more businesses to open in the Turks not more taxes and more government free enterprise.

Claudia on Monday, November 11, 2013