VOLUME 15 ISSUE 09

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MARCH 8TH, 2019 – MARCH 15TH, 2019

Website: www.suntci.com

VOLUME 15 - NO. 09

Email: sun@suntci.com

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Tel: (649) 348-6838

Fax: (649) 941-3281

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B E A C H E S S UE TC I G F O R $ 1 3 . 8 M I L LI O N by Hayden Boyce Publisher & Editor-in-Chief

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he tax controversy between Beaches Resort and Spa and the Turks and Caicos Islands Government has reached the Supreme Court, with the Gordon “Butch” Stewartowned hotel suing the Crown for $13.8million. In a statement of claim filed by one of its lawyers, Paul Dempsey of Dempsey & Company, Beaches stated that government breached a March 2014 Development Agreement, so it is seeking “a refund of monies paid in error” to the Crown. Beaches is asking the court to issue an order for “immediate payment” of “not less than” US $13,861,568 currently owed to it by government, together with orders for “any further payments of sum found subsequently to be due” to the hotel. The hotel, which is the country’s largest private sector employer , is also asking for interest on the said sum from payment until repayment at a rate of 12 per cent compounded annually (without prejudice to interest on earlier such sums which are herein claimed and will b identified by way of amendment) or at such other rate(s) compounded annually as are just reasonable.

CIBC FirstCaribbean donates $15,000 to Cancer Society

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he National Cancer Society of the Turks and Caicos Islands recently received a $15,000 donation, raised from CIBC FirstCaribbean’s 2018 “Walk for the cure” campaign. The funds were presented to Rosemary Jolly, the President of the National Cancer Society, during a

brief presentation ceremony at CIBC FirstCaribbean’s Grace Bay branch in Salt Mills Plaza on Tuesday March 5th, 2019. The “Walk for the Cure” is the region’s largest cancer fundraiser and last year raised more than half a million dollars in support of cancer

treatment and awareness throughout the Caribbean. (L-R) National Cancer Society President Rosemary Jolly, Mr. Larry Lawrence, CIBC FirstCaribbean (TCI) Country Manager and former President of TCI Cancer Society Mrs. Lucille Lightbourne. See page 6

Premier Robinson sets the record straight on the amnesty O

n February 18th, the following Bills were read in the House of Assembly for the first time and it was publicly announced that the Debate would take place on March 4th and 5th : •The Hotel Tourism and Restaurant Taxation Bill (HRTT) which provided an overhaul to the Law passed since 1985 allowing for a modernization of the law and a strengthening of the collection of taxes; •The HRTT (Amnesty) Bill which allowed for an Amnesty commencing April 1st and allowing for a waiver of all penalties and payable on any outstanding taxes due and payable under the Hotel, Restaurant

and Tourism (Taxation) Ordinance for the years up to and including the year ending 31 March 2019. •The HRTT (Validation) Bill which sought to ratify past actions. Regrettably not all persons were able to hear the Debate in the House of Assembly where three serving former Ministers quite adequately shared their thoughts on why we were where we are today. Of particular concern was the Amnesty Bill that offers relief to 41 local and expatriate owned Businesses. I offer again the following facts as stated during the Debate:

1.There has been NO WRITE OFF OF TAXES for any Business.

Financial Implications •There are currently 41 establishments that are in arrears position of which 7 have been refferred to AG Chambers, 15 have paid the entire principal amount but not the interest (not accruing), and 19 have made no payments. (interest accruing). •Of the 19 businesses, Beaches TCI and Club Med collectively account for 96% of the amount outstanding. Should these businesses opt to benefit from the Amnesty, $28,638,820 of principal will be collected and $85,191,912 in interest will continued on page 2 Premier Sharlene Cartwright Robinson

Conserve Energy & Save! If your refrigerator was made before 1993, consider replacing it with a newer, Energy Star model which reduces electricity usage by as much as half. Further information and energy conservation tips are available on our website: www.fortistci.com

www.fortistci.com | 649-946-4313


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