Providenciales, 18 Dec 2014 – It is done, signed that Agreement between the Government of the United States of America and the Government of the Turks and Caicos Islands to Improve International Tax Compliance and to Implement FATCA. Since December 1st the Turks and Caicos Islands has signed onto the Inter-Governmental Agreement or IGA with the United States; which means reporting on US owned bank or financial accounts have to be reported upon to the local FSC and in turn to the IRS. KPMG, which held a session to better understand the IGA earlier this year has published the agreement at their website.
The document calls for a serious change on the horizon, and it will require financial information from US citizens with accounts in this country and of companies that may be Turks and Caicos Islander owned but with US partners or interests to share, forensically all financial information. Seven areas are outlined as what financial institutions must soon do to satisfy the FATCA arrangement. The IRS wants to know, for example, the name, address, and U.S. TIN of each Specified U.S. Person that is an Account Holder of an account.
The requirements are far reaching and will require automatic reporting of financial institutions on these bank accounts and bank account holders every nine months… but there is already talk about getting information on Americans living in the territory even faster than that… we will post that agreement to MagneticMediaonTV.com for your public perusal.
New Look, New Tactics as TCI Border Force set to start October
#TurksandCaicos, September 29, 2023 – The Turks and Caicos Border Force will be up and running by next month according to Arlington Musgrove, Minister of Immigration and Border Services who gave a national update on the progress of the squad during a recent parliamentary meeting.
“We now have a date of October 30th, 2023 for the launch of the first phase,” he explained. The force has been described as ‘revolutionary by Anya Williams, Deputy Governor.
Musgrove was speaking in the House of Assembly on September 20th and revealed that this initial phase will incorporate the Customs and Border Protection agencies as well as the Intelligence and Corporate Units.
Musgrove explained that the Corporate Unit would serve as a sort of auditor for the Border Force and the Ministry.
“Our Corporate Unit will include our assurance functions that will audit our processes and our actions to ensure that we are upholding the mission, vision, and principles of our Border Force,” he said.
The minister is promising updated operating structures, agents with new skills and a new look with updated uniforms, all in an effort to tighten the country’s security at its very porous borders.
The Force is aiming to secure the TCI against human and drug trafficking (which in recent weeks have shown an alarming correlation), arms trafficking, poaching and more.
“Not only will we look different, but we will also work differently – and that is what is key,” the minister promised.
The Force will be under the control of Emilio Seymour who was appointed Director General back in April.
More security features, including the long-awaited container scanners for the country’s ports, are also on the Minister’s agenda.
CUBAN MIGRANTS DETAINED ALONG EXUMA CHAIN
Defence Headquarters 28 SEP ’23: HMBS P-45 under the command of Chief Petty Officer Acadia Smith detained a group of Cuban migrants in Cistern Cay, Exuma on September 27, 2023, due to information received from a Good Samaritan vessel in the area that handed them over to the Royal Bahamas Defence Force.
Members of HMBS P-45 retrieved twenty-eight (28) Cuban nationals and transported them to HMBS Coral Harbour in New Providence. All individuals appeared to be in good health and will undergo further processing and assessment by Immigration officials.
The Royal Bahamas Defence Force remains dedicated to the pursuit of excellence in guarding our heritage and appreciates the sharing of information and intelligence provided by the boating community to affect migrants and other unlawful interdictions at sea.
(For additional information, contact the RBDF Public Relations Department or visit our official website at www.rbdf.gov.bs. Connect with us on Facebook and Twitter for the latest updates and explore our engaging content on our YouTube channel).
Budget Boost, $437.6 Million for fiscal year as Supplementary tabled in Parliament
#TurksandCaicos, September 30, 2023 – The first Supplementary Appropriations Bill for the 2023/24 financial year will add $13.4 million to the National Budget, sweeping the record $424 million allotment to $437.6 million.
The bill was tabled in the House of Assembly by E Jay Sanders, Finance Minister on Tuesday September 26th and the bulk of the cash will go to recurrent expenditure which commands $12.8 million. Capital expenditure came in at just over $700,000.
That extra cash will help with several initiatives stated below:
- $4.2 million dollars will go to community development, including road improvement and more.
- $1.4 million dollars will be spent on a Community Centre in Bottle Creek and 450 thousand on the long-awaited refurbishment of the sports field in South Caicos.
- $1.4million dollars for consultancies,
- $1 million dollars will be sent to bolster the repatriation budget as the country experiences record migration.
- $1 million goes to Social Programs.
- InterHealth Canada will get another $1.8 million.
- The country’s Climate Resilience Coastal Protection Study will get a $500,000 injection.
- The software being built and consultancy being carried out to get the Turks and Caicos off the EU blacklist will cost $851,000.
- $2 million dollars is earmarked for the cleaning of government agencies.
Laid under the theme, Strengthening Resilience Enhancing Community Welfare through Strategic Investments and Sustainable Development, Saunders said this bill was created with the community in mind.
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