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British insists on imposition of VAT in Turks and Caicos Islands

Britain insists on imposition of VAT in Turks and Caicos
Published on January 17, 2013

By Caribbean News Now contributor

PROVIDENCIALES, Turks and Caicos Islands — In a letter on Monday to Dr Rufus Ewing, premier of the Turks and Caicos Islands (TCI), Mark Simmonds, Britain’s minister for the Overseas Territories rejected a request for a delay in the imposition of value added tax (VAT) in the TCI and confirmed that the new tax will take effect as planned on April 1, absent a credible alternative.

Following the election of the Progressive National Party (PNP) as the new government last November, Ewing and his finance minister Washington Misick have been seeking a delay of six months in the implementation of the tax.

However, according to Simmonds, a delay in the implementation of VAT would present significant risks.

Britain’s minister for the Overseas Territories, Mark Simmonds
“A delay at this stage would risk undermining the credibility of the government’s commitment to VAT particularly with those businesses that have invested in preparation. And I am not convinced that delay would make it easier for you to find and commit to the introduction of a credible alternative. I fear that a property or income tax would be likely to attract opposition at least as strong as VAT,” he said.

Simmonds went on to say that any such delay would be unlikely to diminish the opposition of those businesses who will have to pay tax for the first time or open their books or lose some of the benefits of what he described as “excessive concessions” granted by previous administrations.

He also pointed out that delaying the implementation of VAT would require the government to cut public spending further than would otherwise be necessary.

“I think you have a choice between pressing ahead with the introduction of VAT from 1 April or making a clear commitment to introducing a credible alternative to VAT such as property or income tax. I should be clear that I believe that, at this stage, the best option for Turks and Caicos is to press ahead with implementation of VAT,” Simmonds said.

Tinkering with the current disparate and unsatisfactory mix of taxes would not address the underlying weakness and unfairness of these and would not offer a credible alternative to VAT, he added.

According to SImmonds, the previous elected PNP government had already decided that VAT had significant advantages over property and income taxes but, nevertheless, invited Ewing to submit a new fiscal and strategic policy statement by the end of January.

“While you are finalising this I expect preparations for VAT implementation to continue at full speed, including investment in planned new IT, so that it can take effect on 1 April,” Simmonds added.

However, Simmonds’ claim that the previous PNP government had endorsed VAT was disputed in a subsequent statement by then finance minister, Floyd Hall.

“That statement is completely false. While it is the case that the former PNP had agreed to explore the option of selecting one of four taxation models being imposed on us by advocates for the Organization for Economic Corporation and Development (OECD), the European Union, IMF and the FCO to obtain compliance with international tax standards in our financial services industry and to achieve revenue sustainability, it was never the case where VAT was selected as a done deal for implementation in the Turks and Caicos Islands by our PNP administration,” Hall said.

The new tax was signed into law during the term of the previous interim administration run by Britain following the suspension of elected ministerial government in the TCI in 2009 as a result of widespread and systemic government corruption during the PNP’s previous term in office from 2003 to 2009.

Unrestrained government spending during those years brought the TCI to the verge of bankruptcy, necessitating a $260 million loan guaranteed by Britain and other measures to enable the territory to balance its budget.

According to the former chief financial officer Hugh McGarel Groves, VAT will be necessary for as long as Britain’s loan guarantee remains in force.

At a press conference on Tuesday, finance minister Washington Misick spoke out again against VAT.

“This is being forced down our throats,” he said. “They are committed to VAT having bought a half-million dollar software program to deal with VAT… this shows that the VAT tax is a issue of their egos making them act.”

While saying initially that he could not reveal the alternative methods of taxation to VAT that his government is considering, Misick then proceeded to reveal them on Tuesday, namely, taxes to be assessed on condominium owners who rent their properties to non owners; a 1 percent increase in the hospitality tax from 11 to 12 percent; a restoration of the higher rate of stamp duty; and a tax on water sports activity by tourists in the TCI, both in Provo and Grand Turk.

Misick estimates this will raise between $15 and $16 million per year and grow the economy of the country.

However, according to some local observers, such measures may increase government revenue but is more likely to be counterproductive to the economy.

Opposition leader Sharlene Cartwright Robinson said in a Tuesday afternoon television appearance that the opposition Peoples Democratic Movement (PDM) continues its position that it also does not favour VAT.

Robinson was not in favour of alternate taxes, however.

“We simply need to police the collection of existing taxes,” she said.

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From Saint Lucia to the Turks and Caicos Islands!

 
Published on August 7, 2012,in Caribbean News Now

By Melanius Alphonse

When the news of Dr Ubaldus Raymond’s resignation from the Senate and, consequently, as Parliamentary Secretary in the Ministry of Commerce, Business Development, Investment and Consumer Affairs to allow him to take up the post of Chief Economist in the Government of the Turks and Caicos Islands, came as a swift and sudden surprise, I chuckled with cynicism and immediately reached out to my sources.

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Melanius Alphonse is a management and development consultant. He is an advocate for community development, social justice, economic freedom and equality; the Lucian People’s Movement (LPM) critic on youth initiative, infrastructure, economic and business development. He can be reached at[email protected]

For weeks, there has been a rumbling of a cabinet reshuffle, discontent in certain quarters and, at the same time, celebration at the ministry of infrastructure, port services and transport, and the prime minister’s office, where two new appointments helped reinforce big government ideals and political patronage.

Whether anyone of these gave rise to Dr Raymond’s exit remains a mystery, for now. But, Dr Raymond’s departure, based on my observation, is emblematic of a progressive personality that is not comfortable with the status quo and quite rightly; a professional who is not comfortable with the Kenny and Tony version of Keynesian economics and blind plantocracy that requires obedience, and no dissenting viewpoints, even when basic arithmetic trumps liberal ideology. 

Why is this so important? Every country needs an economic strategy. What is Saint Lucia’s strategy to help the development of businesses that will create jobs and profitable opportunities for the financial sector to invest in and realize economic growth?

The knowledge and experience of any economist recognizes that basic principle and will not indulge in playing politics with the future of a country and its people.

The habitual lapse of judgment and the lack of aptitude to engage knowledgeable minds, and civic and professional groups to harness the best ideas and solutions are reflected in the 2012/2013 budget that is laden with an accelerating ideology of big government, spending increases and high taxes that will not solve the debt problem and grow the Saint Lucian economy.

As a result, an economist’s modus operandi requires results that are achievable via an economic strategy with a foundation that works with consistency and efficiency, and one that is proactive to change in this global sphere. 

The resignation of Dr Raymond may very well equate to a development setback for Saint Lucia to attract and keep excellence. And to wish him well and continue to make his country proud is an affront, as someone who is not essential and valuable in the development of his country, but is better off in the Turks and Caicos Islands.

In today’s global challenge to economic growth, the search for knowledge, innovation and creativity is a critical component that comprises three Ts – Technology, Talent and Tolerance that must synchronize to power and distinguish Saint Lucia in the marketplace.

Yet, in this modern-day, level-headedness is carelessly displaced in favour of a political philosophy that is antiquated in terms of the economic realities of Saint Lucia.

Perhaps this is part and parcel of the grand scheme to export knowledge, expertise and wisdom to the Turks and Caicos Islands and elsewhere around the world in return for issuing work permits and visas at will to work in Saint Lucia.

And maybe, it is just what the constitutional Doctor prescribes as the possibilities to develop and build a vision to suit narrow political and cultural borders, and a choir that can only coexist in the framework, principles and performance as set out in the fine print of the blueprint to growth. 

Who knows? Most of that could be adding up, but the performance review and subsequent reports will tell the story. Either way, we’re in a mess. The sensible thing to do is to take responsibility for changing things and move forward.

But, that requires envisioning a twenty-first century with leadership that embraces visionary needs, strategic planning and guidance for tomorrow’s workforce; suitable thought processes and astuteness to absorb and process arguments that cut across ideology with methods that actual works.

This is not complicated and it shouldn’t be all that hard, to extend a sense of responsibility that transcends fiction, and is committed to building a nation on the principles that contribute to socioeconomic development.

At this juncture it is time to trash antiquated ideology and bring to the table ideas, experience, creative imagination, values and results-driven solutions into positive change, to improve the quality of life of citizens and to advance a new era.

 

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News

Corruption or Political Lynch in Turks and Caicos Islands

n July 2008 The Governor of Turks and Caicos – representing the UK Government – appointed a Commission to conduct an Inquiry into “possible corruption or other dishonesty” in Turks and Caicos Government with Premier Michael Misick and his ministers.

Hearings were held – presided over by His Lordship, Mr. Justice Sir Robin Auld – in January of 2009, concluding in February of the same year.

In August 2009, His Excellency, then the Governor of the Turks and Caicos islands, Gordon Wetherell brought into force an Order in Council suspending portions of the Turks and Caicos Islands Constitution. Under this move Ministerial Government, and the House of Assembly – which is the only means of representing the people – was dissolved and all representative seats were vacated, with the promise of elections in 24 months. Amongst the astounding changes was that the basic right in the European Declaration of Human Rights to a Trial by Jury was also suspended, and confirmed recently by law. The sole political power in the Turks and Caicos Islands is now the Governor, appointed by the British government. He has appointed an Advisory Council and a Consultative Forum. However, as the appointment documents make clear, the Governor has no obligation to follow or regard their recommendations. This undemocratic move, which is totally inconsistent with Article I of the United Nation’s Charter on the Right to Self-Determination, is still the case in Turks and Caicos, and still, now nearly 3 years later.

My involvement in the Turks and Caicos dates from early 2005. In June of that year we purchased a private island called Dellis Cay, to develop a USD$1 billion project with the Mandarin Oriental Hotel and villas with world famous architects – including Zaha Hadid, David Chipperfield, Kengo Kuma, Shigeru Ban, Piero Lissoni and Carl Ettenspenger. The development proceeded in an unremarkable fashion, with usual succession of planning permits, from the start construction date of June 2008 to October 2009. A mixture of funds from my own resources, sales of residential units and loans from the Trinidad & Tobago Unit Trust Corporation funded the development.

In June of 2008, we bought a second island, Joe Grant Cay, from the Crown (The government of Turks and Caicos), presented the deal structure to the British Governor of Turks and Caicos – who was then His Excellency Richard Tauwhare – with the development agreement signed in November of 2008 by the new Governor, His Excellency Gordon Wetherell, with the objective of developing a resort with Bulgari Hotel and Villas.

In January 2009, in the course of hearings by the Commission of Inquiry, the Premier of Turks and Caicos disclosed political contributions by several businessperson and companies toward his party’s elections, two years before, in 2007. He disclosed a political contribution made by our company as well; which is normal all over the world, including in Britain.

Neither the Inquiry, nor the Judge, nor the Governor made any request of me or my representatives to provide answers about these contributions. Yet, our actions were remarked upon adversely in the Commission’s report.

In June 2009, we asked the High Court of Turks and Caicos Islands to undertake a Judicial Review of the Final Report of the Commission of Inquiry, with the result that the Supreme Court called for the removal of any and all adverse references to my or our companies. In his ruling the Chief Justice agreed with us, that there was a “Clear and almost total failure by the Commission to follow its own procedures”. His Lordship stated further that I had not been given a fair hearing, and said that if any adverse statements were included in the Final Report, they should not be published.

It must be understood that even though this court is in Turks and Caicos, it is an English court, applying English law and procedures. Yet, four (4) weeks later, in July of 2009, the Final Report was published, with text unredacted, so that the adverse statements made about me and my companies, which were judged to have been unfair and unlawful, were made public; even after the Chief Justice ruled they should not be published.

Despite my attempts to cooperate and assist the lending bank for our projects to understand the issues relating to the Commission of Inquiry and their unlawful published reports, it was no longer possible to avoid the entrance into Receivership of the Dellis Cay project in favour of the Trinidad and Tobago Unit Trust Corporation in October 2009.

This failure of the Commission to follow the law has therefore done me harm because I provided personal guarantee to the Trinidad and Tobago Unit Trust Corporation.

Since that time – January 2010 – the bank has obtained a worldwide freezing order against me. The Attorney General of Turks and Caicos issued a Writ and Statement of Claim regarding Joe Grant Cay in July 2010.

I have appealed both actions.

After three (3) years, in October 2011, I was finally able to explain my side of the allegations of bribery for the political contributions above. In the meantime, my assets in Dellis Cay and the assets of buyers in that development have been destroyed; even though I have never bribed anyone in Turks and Caicos, or anywhere else.

Now after 10 months of this  voluntary statement in Istanbul  the Prosecution Team (SIPT) obtained an arrest warrant and a Red Notice through Interpol.

I am innocent.I did not received any benefits for any of my political donations.

I have been made a victim of the politics of Turks and Caicos. In English law, the saying is that “justice must not only be done, but it must be…seen to be done”. I speak now to warn that this is not the case in Turks and Caicos and to say that human rights, and property rights, democracy and justice are under threat in Turks and Caicos.

Dr Kinay  practiced medicine at the General Hospital of Vienna in Austria.  He  received his PhD from the University of Vienna Medical School in 1984. He is a Turkish and  Austrian Citizen, Belonger of Turks and Caicos Islands.  In 1987, Magister Oguz Serim, his other Austrian citizen partner, and Dr Kinay set up a tour operator by the name of Gulet Touristik, the largest tour operator in Austria.  In 1990, they founded the Magic Life Group.  Magic Life owned and managed luxury properties in Turkey, Greece, Tunisia, Spain, Egypt and Bulgaria.  In 1997,they established a further tour operator, Gulet Touropa Touristik. In 2004, they sold Magic Life and Gulet Touristik to the German tour operator TUI AG, one of the world’s largest tour operators.
Dr Kinay is widely recognized for his  contributions to the travel industry, In 1996 he was lauded as Austria’s “Tourism Manager of the Year” and in 1997, as “Man of the Year” and Finally on 2007, he has  been honored with “State Medal Of Austria”.
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News

MR STANBROOK TAKES ANTI-VAT FIGHT TO UK

 

 
By Hayden Boyce: Publisher & Editor-in-Chief  ,SUN TCI

Prominent businessman and Queen’s Counsel Clive Stanbrook is spearheading a team of businesspersons from the Turks and Caicos Islands who are sending a “clear warning” to Britain’s Finance Minister George Osborne that the imposition of a Valued Added Tax (VAT) would be inappropriate and undesirable in this British Overseas Territory.
In a press statement issued from London on behalf of the  newly-formed Turks and Caicos Independent Business Council (TCIBC), Stanbrook, who is the group’s chairman, stated: “We are sending a clear message to the British Government.  It is the view of virtually the entire business community in the Turks and Caicos that a VAT tax is inappropriate, costly, cumbersome and unnecessary at this stage in the development of these Islands. In  the short term it is clear that the existing taxation systems can be relied upon to raise such extra revenue as may be needed. ”
The press release said that the British Government “has a major battle on its hands over the proposed implementation of VAT in The Turks and Caicos islands”, following the formation of TCIBC by a broad group of concerned individuals from all sectors of the economy and business community throughout the TCI.
Stanbrook, is the owner of  IGA Graceway, the largest supermarket chain in the Turks and Caicos Islands, and a former partner in the prestigious law firms Misick and Stanbrook. An anti-VAT online petition, (www.ipetitions.com/petition/just-say-no-to-vat) was started on May 29, 2012. Its first signatory was a Fleur Stanbrook, the name of one of Stanbrook’s daughters.
Meantime, the press release quoted a TCIBC spokesman as saying: “We have a common purpose in that we are all unified in our opposition to the introduction of VAT in the Turks and Caicos Islands. We send a clear warning to Chancellor George Osborne that we represent the interests of all the leading businesses in the country and indeed it can be said that our views are representative of virtually every business concern. We are deeply concerned about the expected negative effects of the hasty introduction of VAT into the island’s tax structure.  As business professionals we do not have a problem with taxation and recognize the need to fund government.”

The TCIBC said it has a major problem with this particular type of tax and its inappropriate nature for the Turks and Caicos Islands and its unique economy at this time and at this specific point in its young development.
“We believe that the recent gains in economic sustainability will be lost with the imposition of this “boiler plate”, cookie cutter, tax system,” the TCIBC added. “This new VAT tax is not driven by a “grass roots” initiative, but is a politically driven tax imposed upon us by distant bureaucrats based in Europe without effective due process and regard to our specific economy and its future development. One size does not fit all. It is our intention to continue the debate on VAT through wider public education and dissemination of information and to oppose and resist its introduction through whatever legal mechanisms are open to us.  This will include public consultations and education through the press, TV and radio.”

The TCIBC noted that this task has already begun with over 3000 people having already signed an on-line petition opposing VAT, adding that many more are joining us daily.

“This is not a done deal as many think. No government or administration can impose any policy upon a community if that community refuses to accept the policy,” the TCIB added.
Discussion on the implementation of Value Added Tax (VAT) in the Turks and Caicos Islands has reached the House of Commons in England.
On June 18th, MP Andrew Rosindell asked the Secretary of State for Foreign and Commonwealth Affairs what is his policy on the introduction of VAT in the Turks and Caicos Islands; and if he will make a statement.
Mr Henry Bellingham, who was recently in the Turks and Caicos Islands to announce that elections will be on November 9th, 2012, replied: “The introduction of VAT is a decision for the Turks and Caicos Islands Government. Their decision was based on thorough research and an assessment that VAT would offer a simpler, equitable and stable revenue source. A decision to introduce VAT was announced in the 2011-12 budget statement. A Green Paper on VAT implementation was published in May and consultation is under way on this.”
Chief Financial Officer Hugh McGarel-Groves in response to a local anti-VAT campaign, said last week that introducing VAT in the Turks and Caicos Islands offers the opportunity to further strengthen the country’s fragile recovery by introducing a simpler, equitable and stable source of Government revenue.
He said: “As the community of the TCI continues to discuss the implementation of VAT, critical questions must continue to be asked of both of the Government but also of the anti-VAT campaigners: what are their alternatives to the benefits of VAT to a renewed TCI; is opposition to VAT borne from a desire to continue not to pay tax at all in some business sectors?
“Given the difficulties endured by the TCI economy since the collapse of the last Government, it is in the best interests of the entire community to ensure that Government finances are secure and that it can continue to develop expenditure plans in line with local peoples’ priorities – a process already begun in this year’s Budget.  VAT is a proven system across the Caribbean. It is straightforward to administer and is beneficial here in that this single form of taxation replaces five different sets of ordinances that both Government and business need to keep abreast of.”

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The Sale of Joe Grant

By Royal S. Robinson, MBE

The Interim Administration continues to try to have its cake and eat it as well as to operate in a very non-transparent way. When you take into consideration the premise on which they took over the country from the duly elected local representatives, the actions so far have not been to show you how best to get the job done, but how best to carry on the process by which cronyism is the hallmark of the day and picking winners of your own choosing is the best was in which to do business.
The British Government, FOC, DFID, SIPT and the Civil Recovery team declared that the original sale of land by the TCI government to Platinum was a corrupt transaction and as such should be recovered and redound to the benefit of the people of the Turks and Caicos Islands. Steps were taken through the Court system to have the land returned to the Crown and the court agreed that the land should be returned. No sooner than this exercise was completed (Platinum seem not to take an interest in appealing the court’s decision), there seems to be a concerted effort being made to now ensure that the Turks and Caicos Islands’ people do not benefit effective from the return of that land.
The first part of the deception and deceit started with the decision to sell the land to satisfy a mortgage that had been placed on the property by Temple as a result of Platinum borrowing some $2M and using the property as collateral. My understanding of the legal system is that if a leaf of the fig tree is tainted, then the whole tree is tainted. As it relates to this particular transaction, if it was corrupt for Platinum to obtain the land in the first instance, then any subsequent transaction had to be corrupt also.
So why was there a rush on behalf of the Interim Administration to satisfy Temple Mortgage? There can be one inference to be drawn and that is that someone in the Administration or very close to the Administration had something to be gained by the sale of the land by the government to satisfy the debt to Temple!
According to all previous pronouncements by the Interim Administration, all of the land that had been reacquired as a result of some fraudulent activity would be kept in the land bank for future generations to benefit from. So what is the real rush to dispose of this land at this time? Something smells fishy here.
Now in the proper scheme of things, if the Interim Administration had a real reason to dispose of the land for the benefit of the people of the Turks and Caicos Islands, the first thing it should have done was to specifically say so. Following on from that, it should have issued a Request for Proposals. If as they like to claim they are operating in an open and transparent manner, and they want to get the best value for money, that is what would have happen. But they have decided to pick winners from “their side of the ledger”. What is that called? Is it Insider trading? Or is it nepotism? I thought those were the common faults and flaws identified by Sir Robin Auld as being part of the systemic weakness and corruption in the previous political administration that had to be rooted out. But like Courtney Missick likes to say, corruption has only changed its colour, from black to white!
Now let us look at the local firm that got to market and sell the 200 acres of land on Joe Grant Cay. It is Sotheby’s and its local affiliate is Connolly-Zahm! Is it just coincidental that one of the principals of Connolly-Zahm if Mrs. Josephine Connolly, the wife of Advisory Council member Joseph (Joe) Connolly? As Ernie Clarke likes to say “I have the documents”. I will definitely like to see the documents showing that there is no nexus at all!
The old Finance and Audit Ordinance and Financial Instructions, followed by the now brand new Public Finance Management Ordinance, all speak to a transparent process with respect to the procurement of services by government.
As I have indicated before, there should have been a tendering process set up and the firm with the best proposal selected to carry out the work. The worst case scenario would have been to short-list say six of the local real estate firm that have international connections and ask them to submit proposals, I could live with that. I would have thought that that would have given me some piece of mind that I would have been getting value for money.
What I still cannot fathom is how the governor fixed his mouth to call the initial land transaction of Joe Grant cay corrupt and it had to be returned to the people, but no sooner was that done, he is out there secretly trying to sell that asset. Something untoward must be afoot here. I just cannot for the life of me understand the amount of double standard that is being used by this Interim Administration, save to say that a concerted effort is being made dispose of everything of value that belong to us, in a manner that they feel and say that it is in our best interest so to do.
I have never seen so many thing done in my best interest, that am totally opposed to as is happening with these bumbling idiots at the helm. As time progresses, everyone is seeing that the Emperor has on no clothes and is operating in a clueless manner.
How the Interim Administration hopes to be able to get away with such blatant disregards for the rules that they say they came here specifically to enforce and demonstrate the ethics of doing things in the proper manner?
However, what they have and are demonstrating to us is that what we were doing was child’s play and they are certainly showing us how bad business should operate. That does not give us faith and comfort in these operators. That is why on the streets there is now total skepticism as to the real reason the intervention took place.
We must by now be in a position to determine for ourselves that what is currently being done to us is neither right nor fair! The reset button has now been pushed by the setting of the date for elections. We should all go out and get registered so that we can send a clear and unambiguous message to the Interim Administration that business as usual will not be the order of the day. Joe Grant Cay has not been sold as yet and it is not too late to restart the process on a proper footing.
There cannot be a rush as there is a surplus budget proposed, so the money from the sale is not critical to our financial position except that the Interim Administration is hell bent of getting from under the loan guarantee as quickly as possible and to hell with whatever adverse consequence to the Turks and Caicos Islands people!

published in Sun TCI
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Genel News

PDM READY TO RULE TCI


The People’s Democratic Movement (PDM) kicked off its political campaign Wednesday night, April 11, with a high-energy rally at its headquarters down town Providenciales, to drum up support among its base and the wider public in anticipation for elections this year, also using the event to express its readiness to take the reins of government once again.
Distributing party campaign T-shirts with a call for elections this year emblazoned across the front, many of the speakers, including party leader Derek Taylor, announced that a PDM Government would reverse majority of the laws now being implemented by the Interim Administration, while easing the current economic and social burden now being faced by the populace.
Taylor announced that the 10-year vision that the PDM crafted for the country sometime ago, which would bring prosperity for all the people of the country, was still relevant, and would be used as a vehicle in the party’s pursuit for political office.
He said that the PDM would reopen the civil service for employment, while balancing the budget without putting the people under duress, a feat he said was accomplished in the past by that party. Taylor said also that he would introduce legislation to create a development bank so that local businesses would be able to access loans at cheaper interest rates, while seek to introduce an equal pay law, so as to create income parity in the respective categories within the job market.
Party members said the PDM would also revisit the InterHealth Canada contract, which they said was not serving the best interest of Turks and Caicos Islanders, especially those who had lost their jobs. They said also that the Immigration and Labour laws would also be put under the microscope so as to safeguard the borders, while giving Turks and Caicos Islanders a fair shake in the job market.
“We envision a Turks and Caicos Islands with long term economic stability, and that can only happen under a People’s Democratic Movement government. We are not going to have this nonsense again,” Taylor said, referring to the economic abyss in which the country has found itself. “And we are going to engage each other every step of the way. You are going to have a government that is open, that you can challenge, that you can honestly sit down and talk to.”
“We envision a vibrant economy of Turks and Caicos Islanders that are able to sustain and exceed the growth of the past. And we envision a Turks and Caicos Islands where a strong economy and social empowerment are the order of the day for all Turks and Caicos Islanders.
“We will introduce equal pay legislation, to ensure that all workers are paid based on the work performed rather than on race, colour, gender or national origin. This will give further emphasis to what have already been expressed in the Constitution of the Turks and Caicos Islands,” Taylor said.
Addressing the issue of setting up a financial institution that would provide Turks and Caicos Islanders, especially those who would be able to access loans from commercial banks, with loans at cheap interest rates, Taylor declared: “In 2003, we had already engaged the Caribbean Development Bank; we had already engaged European investment bank, with the intention of making sure that Turks and Caicos Islanders and Turks and Caicos Small businesses are able to access loans at lower interest rate.
“We are going back and we are going to engage those two financial institutions – one in the Caribbean and the other in Europe with the intention of lowering the interest rate, and we are going to again legislation for a development bank.”
In the meantime, the PDM Leader lashed TC Invest for not serving the interest of small businesses, stressing that the interest rate that it was imposing was higher than that of commercial banks.
“TC Invest was not put in place to make a profit at the expense of our people. Yes, we have to take care of administration overheads, but there should be no reason why the interest rate from TC Invest should have been higher than the commercial banks.
Taylor said also that a PDM government would utilize the Small Business Enterprise Development Centre to provide training for small business entrepreneurs and those facing problems in their businesses.
On the matter of education, Taylor pointed out that monies collected from the private sector for scholarships would be placed in a special fund by his administration, that would go solely towards its intended purpose, instead of funneling into the consolidated fund, which he said was the current practice.
“We are going to make sure that the private sector contribution towards scholarships would be placed in a special fund as we had it before, in order that you can know exactly the contribution from the private sector towards scholarships, and we are going to make sure that the private sector businesses benefit from the same also.
“Under a Derek Taylor administration, you can go sleep and wake up in the morning knowing that the public purse is intact, and it would not be attacked. You can rest assured that there will be responsibility and accountability,” he said.
Among the other speakers at the event were National Chairman, Reuben Hall; National Treasurer, Dwayne Taylor; National; Secretary General, Euwonka Selver; her father and former deputy leader of the party Clarence Selver; Cheryl Astwood-Tull; O’Neil Delancy; and Samuel Harvey.

published in SUN,Turks and Caicos Islands 17th of April