TCI can’t bear anymore taxation, says former Finance Minister

by Vivian Tyson -SUN Senior Editor

Former deputy premier and finance minister Floyd Hall said it would be counter-productive if the British Government imposes any new form of taxation on the Turks and Caicos, seeing that the country is trying to climb from its economic abyss.
Saying that such measures would adversely affect the way of life of the people of the Turks and Caicos Islands and at the same time undermine the country’s economic growth efforts, Hall called on the British Government to instead consolidate the national debt, while allowing the interim administration to get the country back on the recovery track.

“Any form of taxation at this time or at any other time could be undermining to our way of life and our economy. I think that we have an opportunity to (and if the British Government were to embrace it) consolidate whatever debt that the country has, in order to enable the interim administration to get back on track and to have that debt structured in such a manner that it would be manageable over the ensuing months,” Hall noted.
He said such measures were nothing out of character, since a number of countries, including the United Kingdom, the United States and a number of Third World countries have been engaged in such discourse as a result of the recession.

“So, I don’t think that they should continue to deprive the people of the Turks and Caicos Islands from having the opportunity to see economic recovery returned to our country. I think they (British Government) have the full reins of government whereby they can police and manage whatever resources that comes into the government coffers. 
“And so, to deny the country of an opportunity to restructure its fiscal arrangements at a time when every other nation has been able to do so, I think it is really mind-boggling to me,” Hall explained.
Hall is hoping the country could return to normal, since there is still tremendous promise is on the horizon for the TCI. 
“I think we are the best poised to recover out of the small territories in the region. I think we have some excellent selling points, and our close proximity to the United States still is a premium. Our beaches and landscape is still relatively virgin, whenever persons come here they could still enjoy the natural beauty of the Turks and Caicos Islands.
“I think our people happen to be one of our greatest assets, and at the end of the day, I think that opportunities in real estate still abound, if we could clear up these low issues of uncertainty,” Hall noted.