TCIG Press Release: Public Notice - Revenue Control Unit
19 views
Skip to first unread message
Peter Williams
Aug 8, 2011, 7:18:46 PM8/8/11
to turks-and-cai...@googlegroups.com
|
Turks & Caicos Informers
Aug 9, 2011, 1:34:50 AM8/9/11
to Turks and Caicos Informers
It will indeed be a very dark day for us when these new taxes become
law. We will no longer be able to say to potential investors that we
are a tax-free country, which has been the driving force behind
bringing us where we now are in terms of our development. Precedence
will have been set, and such as income, property and capital gains
taxes would undoubtedly follow.
Residents are already leaving our shores, returning home, or moving to
another economically attractive country. That has in turn, reduced our
revenue base: there are fewer water and electricity customers; fewer
food store customers; revenues are down and decreasing from work
permit fees, driver license fees, and car license fees. These new
taxes recently approved by the Advisory Council and on their way to
approval by the Consultative Forum, could be the proverbial nail in
the Turks and Caicos’ coffin. There would be more people making their
exit, and more staying away from investing here. And those of us
remaining would be paying more and more for what we need and want.
If these measures are introduced, Her Majesty’s Government, through
their interim government, would have succeeded in bringing our country
to its knees economically, transforming us into just another
impoverished country, with our arms constantly outstretched for alms.
In our pitches to bring investors and tourists to our country, we used
to tout security – the near absence of major crimes, and our tax free
status. We have now been deprived of the former, and are well on the
way to making the latter history. Visitors come because of our natural
beauty and our reputation as a safe destination; investors come to
escape the burden of taxes back in their home countries, and when this
changes, there will be no reason to come here and invest. And for
those already here, we would be changing the rules in the middle of
the game. Not to mention of course, the negative impact it would all
have upon our own people.
It cannot be overlooked that these drastic changes in our way of
living are not being made by us. They are instead coming from
contracted non-Turks and Caicos civil servants and consultants that
would not be here to suffer the consequences of their decisions, nor
the anger of those whose lives they will have drastically changed.
While there is no denying the dire financial straits we now find
ourselves in, the fix should not have been to force taxation on our
country, for our whole economy is built upon non-taxation. The
standard recommendations by consultants, undoubtedly pulled from a
shelf of existing consultant reports, were not designed for a country
such as ours – without an industrial base, and any natural resources.
Some of what could have been done, include:
1. Fixing the hospitals contracts, crafted in London, with the
participation and approval of Her Majesty’s Government. The burden of
paying $124 million for 30 beds is just unbearable for a country our
size, with our small population. Correcting this situation would make
a big difference in our financial obligations.
2. In a well planned and executed manner, make the necessary
adjustments to our over-sized civil service, reducing the
disproportionate size of our public payroll.
3. Reducing, not increasing, taxes and fees for a stated and adequate
period of time, providing incentives to invest by both locals and
overseas individuals. This will bring new jobs, and increased
government revenues from existing and new businesses.
Furthermore, our national debt, with the necessary adjustment to the
hospitals contracts, would be decreased considerably; and should be
assumed by the administering power, with repayment by us spread out
over a 25 – 50 year period. We are not after all, talking about
billions of pounds, as for example, in the case of Ireland. We are
instead talking a mere drop in the bucket. Introducing taxation to our
country without doubt, be very disastrous.
Turks & Caicos Informers.
On Aug 8, 7:18 pm, Peter Williams <save_turks_and_cai...@yahoo.com>
wrote:
> From: TCIG Press Release <TCIGPressRele...@gov.tc>
> 44KViewDownload
law. We will no longer be able to say to potential investors that we
are a tax-free country, which has been the driving force behind
bringing us where we now are in terms of our development. Precedence
will have been set, and such as income, property and capital gains
taxes would undoubtedly follow.
Residents are already leaving our shores, returning home, or moving to
another economically attractive country. That has in turn, reduced our
revenue base: there are fewer water and electricity customers; fewer
food store customers; revenues are down and decreasing from work
permit fees, driver license fees, and car license fees. These new
taxes recently approved by the Advisory Council and on their way to
approval by the Consultative Forum, could be the proverbial nail in
the Turks and Caicos’ coffin. There would be more people making their
exit, and more staying away from investing here. And those of us
remaining would be paying more and more for what we need and want.
If these measures are introduced, Her Majesty’s Government, through
their interim government, would have succeeded in bringing our country
to its knees economically, transforming us into just another
impoverished country, with our arms constantly outstretched for alms.
In our pitches to bring investors and tourists to our country, we used
to tout security – the near absence of major crimes, and our tax free
status. We have now been deprived of the former, and are well on the
way to making the latter history. Visitors come because of our natural
beauty and our reputation as a safe destination; investors come to
escape the burden of taxes back in their home countries, and when this
changes, there will be no reason to come here and invest. And for
those already here, we would be changing the rules in the middle of
the game. Not to mention of course, the negative impact it would all
have upon our own people.
It cannot be overlooked that these drastic changes in our way of
living are not being made by us. They are instead coming from
contracted non-Turks and Caicos civil servants and consultants that
would not be here to suffer the consequences of their decisions, nor
the anger of those whose lives they will have drastically changed.
While there is no denying the dire financial straits we now find
ourselves in, the fix should not have been to force taxation on our
country, for our whole economy is built upon non-taxation. The
standard recommendations by consultants, undoubtedly pulled from a
shelf of existing consultant reports, were not designed for a country
such as ours – without an industrial base, and any natural resources.
Some of what could have been done, include:
1. Fixing the hospitals contracts, crafted in London, with the
participation and approval of Her Majesty’s Government. The burden of
paying $124 million for 30 beds is just unbearable for a country our
size, with our small population. Correcting this situation would make
a big difference in our financial obligations.
2. In a well planned and executed manner, make the necessary
adjustments to our over-sized civil service, reducing the
disproportionate size of our public payroll.
3. Reducing, not increasing, taxes and fees for a stated and adequate
period of time, providing incentives to invest by both locals and
overseas individuals. This will bring new jobs, and increased
government revenues from existing and new businesses.
Furthermore, our national debt, with the necessary adjustment to the
hospitals contracts, would be decreased considerably; and should be
assumed by the administering power, with repayment by us spread out
over a 25 – 50 year period. We are not after all, talking about
billions of pounds, as for example, in the case of Ireland. We are
instead talking a mere drop in the bucket. Introducing taxation to our
country without doubt, be very disastrous.
Turks & Caicos Informers.
On Aug 8, 7:18 pm, Peter Williams <save_turks_and_cai...@yahoo.com>
wrote:
> From: TCIG Press Release <TCIGPressRele...@gov.tc>
> Date: Mon, 8 Aug 2011 16:31:32 -0400
> Subject: Public Notice - Revenue Control Unit
>
> Government Press Office
> Grand Turk
> Turks and Caicos Islands
> Ph: (649) 946-2801 Ext: 40132
> Email: TCIGPressRele...@gov.tc
> Subject: Public Notice - Revenue Control Unit
>
> Government Press Office
> Grand Turk
> Turks and Caicos Islands
> Ph: (649) 946-2801 Ext: 40132
> Web: www.gov.tc
>
>
>
> Ministry of Finance and Economic Development
> Revenue Control Unit
>
> Public Notice
>
>
> Please see attached public notice from the Revenue Control Unit, Ministry of Finance and Economic Development.
>
>
> 20110508
>
>
>
> Ministry of Finance and Economic Development
> Revenue Control Unit
>
> Public Notice
>
>
> Please see attached public notice from the Revenue Control Unit, Ministry of Finance and Economic Development.
>
>
> 44KViewDownload
Reply all
Reply to author
Forward
0 new messages