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Country Rankings - Turks and Caicos Islands

  • Jan 23, 2014   Turks and Caicos Islands: clueless

    So the Turks & Caicos Islands mean to "broaden the tax base" and reduce taxation. This is the countrylet that had to be saved from a financial mess of its own creation by ex-parent the UK, largely due to uncontrolled governmental extravagance, which then refused to implement a VAT for assorted specious reasons, against the advice of just about everyone that has an opinion on such matters, and finally told a credulous nation last November that higher taxes did not imply any increase in the cost of living. Now, I ask you, how are they going to achieve their latest miracle without a GST or a VAT? Perhaps they will invent a new name for it. How about a purchase tax? There used to be one in the UK prior to VAT. Of course, it's even more regressive than VAT, and fairly deadly to commerce. But that won't stop the bumbling incompetents that pass for ministers in the T&C. The Governor (a Whitehall appointee) must have nearly choked as he had to announce their plans in his "throne" speech.
    Source: www.tax-news.com/news/TCI_Governor_Outlines_Policies_To_Improve_Tax_Revenue____63379.html

  • Nov 21, 2013   Turks and Caicos Islands: in denial

    "Now, this is just too easy," said Alice as she followed the Red Queen's instructions. "If I don't like the truth, then all I have got to do is to pretend the opposite, and if I pretend hard enough, it will be true!" In order to be really good at it, one has to do it three times before breakfast, and obviously the Turks & Caicos's Rufus Ewing has been practising hard, since he has found a way of increasing taxes that won't cost people anything. Perhaps the petrol price rise won't cost government ministers anything, if they have cars with chauffeurs who are paid by the state; and if you have a "grace and favour" residence, then indeed you won't need to stay in hotel rooms. What was it that Marie Antoinette is supposed to have said? "If they don't have bread, then let them eat cake." The British Government must be rueing the day that it allowed this speck of rock to take back its fate into its own hands, and perhaps some of the populace agrees, even.
    Source: www.lowtax.net/news/TCI_Premier_Says_Higher_Taxes_Will_Not_Increase_Living_Costs____62653.html

  • Nov 14, 2013   Turks and Caicos Islands: being transparent

    October 25: The Turks and Caicos Islands is set to meet its obligations on tax transparency, the territory's Deputy Attorney General, Rhondalee Braithwaite-Knowles, said.
    Source: lowtax.net/news/TCI-Makes-Progress-In-Tax-Transparency-62452.html

  • Mar 28, 2013   Turks and Caicos Islands: not winning

    What is going on in the Turks and Caicos islands? In the spat between the islands' elected Prime Minister and the UK's Foreign Office, the islands seem to be getting it all wrong. Battered by a fall in tourism, their main meal-ticket, and hamstrung by bureaucracy, and as it turned out, corruption, the islands were in a mess in 2009 when the UK took over and tried to clean things up. Far from being grateful, the new administration is behaving like a surly child, and you have to wonder whether the UK has really extirpated the culture that brought the islands to their knees in the first place. As William Hague says, the TCI is welcome to become independent; but that is impossible, given that they are heavily in debt and not yet recovered from the tourist downturn, although visitor figures have begun to climb back. Grow up! is my advice.
    Source: www.lowtax.net/asp/story/front/Hague_Puts_Turks_And_Caicos_Premier_In_Check____60155.html


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