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Today’s Top Headlines

Turks And Caicos Tax Measures Criticized

Mike Godfrey,, New York

05 July 2013

In a June 21 press conference the opposition party of the Turks and Caicos Islands, the Peoples Democratic Movement (PDM), criticized a number of new tax initiatives being introduced by the current administration.

The tax initiatives in question include a 1 percent hike in accommodation tax effective July 01; a 6 percent general sales tax, a cable and internet communication tax, and a temporary driver's license fee of USD30 to be imposed on October 01; and a property tax to be introduced April 01, 2014.

Opposition leader Sharlene Cartwright-Robinson said "When it stood with the government against the implementation of VAT, the PDM made it clear that improved compliance of the existing taxes was the first step to be taken. The Roe Report correctly stated that, as unconventional as the revenue structure was in TCI, it produced strong revenues.”

She went on to argue that the stamp duty tax will have a detrimental effect on real estate sales and that the tax on freight and freight insurance charges will result in a 15 percent climb in the cost of bulk shipments of construction materials.

"We believe that the Minister of Finance's analysis is flawed ... any increase in taxes on the resident population will only add to an already high cost of living. The Turks and Caicos must aggressively seek to grow its economy and encourage inward investment and increase its base," Sharlene said.

TAGS: compliance | Finance | tax | investment | sales tax | property tax | law | insurance | Turks and Caicos Islands | internet | stamp duty | construction

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