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CIBC Opens Banking Centre In Providenciales

Tax-news.com

10 December 1999


CIBC (Bahamas) Ltd opened a new branch in Providenciales last week. The firm is a subsidiary of CIBC West Indian Holdings, which is owned in turn by Canadian Imperial Bank of Commerce, and is a newcomer to the Turks and Caicos Islands. The branch was opened by Hilly Ewing, Deputy Chief Minister of the Islands, and will provide domestic as well as offshore banking services.

The Mauritian Industry Commerce and Financial Services Minister, Xavier-Luc Deval, announced on Thursday that the Government was strengthening its package of inward investment incentives by offering a 10-year tax holiday to multinationals setting up in the country. The tax holiday is in addition to existing incentives allowing duty-free importation and freedom from withholding taxes for companies setting up in the country's various free trade zones. The Minister said that the Mauritius Export Development and Industry Authority would be marketing the incentive package world-wide.

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