VOLUME 10 ISSUE 40

Page 1

OCTOBER 25TH, 2014 – NOVEMBER 1ST, 2014

Website: www.suntci.com

VOLUME 10 - No. 40

Email: sun@suntci.com

Tel: (649) 946-8542

$1.00

Fax: (649) 941-3281

www.facebook.com/tcisun

MONEY TRANSFER FEES TO INCREASE By Vivian Tyson Individuals sending money out of the Turks and Caicos Islands through the banks and money transfer agencies should see a 20 percent increase in fees, while Islanders and other residents should notice a vast reductions on various bank charges in the coming months as government moves to scrap those taxes entirely. The measures should come on stream by the beginning of November, according to the government. The increase in the Domestic Financial Services Sales Tax (DFSST) rates were announced by Premier Hon. Dr. Rufus Ewing and Finance Minister Hon. Washington Misick during a post-Cabinet news conference at the Premier’s Office in Providenciales on Friday, October 24th, 2014. The Premier hastened to point out that the increase will be on the fees charged by the banks and money transfer agencies and not on the amount that the customer is remitting. “To be clear on this, this tax PROTESTORS DEMAND JUSTICE FOR EX GOVERNMENT MINISTERS: A handful of demonstrators picketed outside is on the fee that is charged the new courthouse which once housed the former Myrtle Rigby Health Complex, on Tuesday (October 21, 2014). The protestors by the banks or the money were voicing their disapproval over what they labeled as injustices being meted out to the former ministers of government transfer companies and not charged with corruption, by the local courts. They demanded a delay in the case against them until the UK-based Privy Council on the amount that you are makes a ruling on whether or not they should be granted trial by jury. The protestors argued that the fate of the accused transferring,” he said. should be placed in the hands of a jury of their peers instead of a single judge, who has been appointed by the United Kingdom He said that the decision government. The UK-appointed Special Investigation and Prosecution Team (SIPT) successfully lobbied in the local court for should result in a government the former ministers not to be tried before a jury of their peers. But the accused lodged an appeal to Privy Council for a reversal. revenue shortfall of about However, while the outcome of that appeal is pending, the SIPT pressed for the pre-trial hearing to go ahead. $250,000. Premier Ewing pointed out Filipinos - $7.7 million; UK the TCI). As you know we are Washington Missick reiterated is by no means a new tax; that the move to increase the nationals $2.8 million; trying to move to a stable tax that the DFSST measure is not this is an increase in money money transfer tax was not Bahamians - $1.3 million; and rate across the board, and a new taxation but an increase transfer (fees); money that is that was just to regularize and on the fees for monies being literally leaving the country,” predicated on a Financial Canadians- $498,462. Services Commission (FSC) The FSC reported that stabilize (the tax system), as sent out of the country, echoing the finance minister said. report that $74 million was between January and March well as to reduce the deficit the premier’s statement that On the scrapping of the government is pushing towards Nuisance Tax, the premier sent out of the country last Haitians remitted $5.7 million; that we will have in revenue. year, and between January and Dominicans - $3.9 million; “Because, as we said, by a stable tax system. said that the measure form is gradually part of its mandate to reduce March, 2014, approximately Jamaicans - $2.3 million; removing the Nuisance Tax, “Government $19.4 was remitted from the Filipinos - $2 million; Americans we forego $250,000 in revenue. eliminating Nuisance Tax and the tax saddle on the people country. - $1.3 million; Bahamians - $306, But if we did not increase moving towards something of the Turks and Caicos According to the Report, last 225; Canadians - $119,457; and it from 10 to 12 percent, we that represents some sort of Islands. probably would have lost a GST - General Sales Tax – “The government has as its year Haitians remitted $18.6 UK nationals - $60,178. million; Dominican Republic “It (decision to increase the about seven hundred and fifty system. And that is why we mandate the rationalization Nationals - $16.2 million; money transfer fees) has no thousand dollars there about,” have moved the Domestic and simplification of taxes Financial Services from 10 and the reduction of the tax Americans - $9.6 million; relationship whatsoever (on the premier said. Finance Minister Hon. percent to 12 percent. This Jamaicans $9.5 - million; money being remitting from Continued on page 2

Green tips to save you some Green — Your bathroom lights are the most frequently used lighting in the house so be sure to use energy efficient bulbs rather than incandescent bulbs.

Helen Garlick booed Page 2

Luxury yacht captain charged Page 7 Donna Karan selling her

IMF coming to $39M Parrot Cay home TCI - Page 12 - Page 16 www.fortistci.com | 649-946-4313 | P.O. Box 132 Leeward Highway, Providenciales, Turks and Caicos Islands


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