Following concerns and discussions with various business persons in the Turks and Caicos Islands , the TCI government has revised some of the new taxes proposed in the 2008 budget.
Premier Hon. Dr. Michael Misick announced that his Cabinet has decided to reassess some of the newly introduced taxes and increases.
“Ministers have decided to defer the introduction of proposed rate increase in accommodation tax, which will remain unchanged at 10%. The introduction of the proposed Development Charge of $55 per passenger will be reassessed as part of further appraisal of the Providenciales Airport Redevelopment Project.
“I will inform the public of the new rate at a later date after consultation with our industry partners and will give operators adequate notice of the new rate before its introduction.
The departure tax will be increased by $10. The new rate will be $40 per passenger and will come into effect as of the July 1, 2008 ,” said the Premier.
The new amendments to the 2008 budget will have implications for the level of budgetary surplus projected for the year; and as a result several expenditure programs which were announced might have to be deferred.
It was only last week that Minister of Finance, Hon. Floyd Hall announced the introduction of a series of new taxes, these being the Money Transfer Tax; the Migrant Processing Fee system; Customs Processing Fee; and the Ministry of Natural Resources Land Registry Fee.
The Finance Minister also outlined that fees that should see increases were: International Departure Tax and new Airport Development Charge; Airport Parking and Landing Fees; Accommodation Tax; Business License Fees; and Fees under the Immigration Ordinance.
It was after these announcements that the Chamber of Commerce held an emergency meeting at the Williams Auditorium on Thursday April 24 th and asked government to reconsider some of the increases.
