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TCI Fiscal Policies To Be Independently Reviewed

by Mike Godfrey, Lowtax.net, Washington
23 January, 2015

The Turks and Caicos Islands Government's management of the territory's finances is to be independently reviewed.

The assessment – the first since 2011 – will review improvements to the management of expenditure levels, procurement processes, and accountability. The review is intended to enhance transparency for investors and taxpayers.

The review comes after several years of reforms in the TCI to improve the territory's fiscal position. In its last Budget, the territory hiked business license fees and introduced a payroll tax to prop up revenues, after the Government decided to ditch plans drawn up with the UK Government for the introduction of a value-added tax. These plans were deeply unpopular and the Government had instead decided on a payroll tax.

TCI Minister of Finance, Washington Missick, said: "This assessment is an important step in our continuing work to continually develop and improve our public financial management systems. In addition to demonstrating to our population, businesses, and investors that we are working hard to improve our public finances, our latest assessment rating, which we will publish at the end of March 2015, will allow the TCI to be rated against other countries in an independent, internationally recognized and objective manner."

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