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Ministry of Finance issues guidelines for Financial Institutions with US and UK Clients

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Providenciales, 08 Dec 2015 – Since December of 2014, the Turks and Caicos signed an Intergovernmental agreement or IGA so that the laws of the US FATCA or Foreign Accounts Tax Compliance Act and the UK equivalent could have force in these islands.

Last month, the Ministry of Finance issued some guidance notes to companies working with clients of the two countries on how the monies of these clients ought be handled based on that agreement which had been almost two years in the making.

Magnetic Media asked Drexwell Seymour, a CPA and CEO of HLB what advice he would give to his clients regarding the 164 document and it’s stipulations; Seymour said: “I would encourage all US citizens and UK citizens to ensure that they reflect all of their deposits and investments in the TCI with the relevant US and UK authorities.”

Seymour explained that this honesty is what these larger nations are looking for and failure to comply is so fiscally painful that a breach by a Turks and Caicos company is highly unlikely. “In any event the local financial institutions will release the information because if they do not, they will face a withholding tax of 30 percent.”

TCIG advised that while the recently released, ‘Guidance Notes’ are not law, they do carry the spirit of the FATCA and IGA signed with the United States and the United Kingdom which are equivalent to having Tax Information Exchange Agreements.

The Ministry of Finance also shared that while there is no law to make TCI financial institutions adhere, there is an Exchange of Information Unit , or EIU which is authorized to monitor the compliance of local companies who are reported to them by the US or UK.

Magnetic Media is a Telly Award winning multi-media company specializing in creating compelling and socially uplifting TV and Radio broadcast programming as a means for advertising and public relations exposure for its clients.

Bahamas News

Tropical Storm Owen in December?

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By Shanieka Smith

Staff Writer

 

December 8, 2022 – A low-pressure system observed in the Central Atlantic Ocean has led the National Hurricane Center to believe there is a 50 per cent chance a subtropical or tropical storm will develop. They reported on Tuesday,  the system was 800 miles northeast of the Leeward Islands.

NHC said that by Thursday or Friday, the system should move northeastward, where it will interact with a mid-latitude trough, thereby limiting the chances of development.

The potential subtropical or tropical storm would become the 15th named storm of 2022 and will be called Owen.

Here is the very latest forecast:

Central Subtropical Atlantic

Showers and thunderstorms have increased since last evening near a

large non-tropical area of low pressure located over the central

subtropical Atlantic about 850 miles east-southeast of Bermuda.

However, the system remains embedded within a frontal zone, which is

expected to become more pronounced later today as the low begins to

move east-northeastward at 20 to 25 mph toward colder waters and

interact with a mid-latitude trough.  Therefore, while the system

could show some subtropical characteristics today, its chances to

fully transition to a subtropical or tropical cyclone appear to be

decreasing.  Nevertheless, significant non-tropical development of

this low is expected during the next couple of days, and additional

information, including hurricane-force wind warnings, can be found

in High Seas Forecasts issued by the National Weather Service.  The

next Special Tropical Weather Outlook on this system will be issued

by 9 AM EST Thursday.

 

* Formation chance through 48 hours…low…30 percent.

* Formation chance through 5 days…low…30 percent.

 

Photo Credit: ACCUWEATHER

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Caribbean News

Jamaica’s PM Andrew Holness goes to Washington to discuss matters to help with crime

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By Shanieka Smith

Staff Writer

 

#Jamaica, December 8, 2022 – The Prime Minister of Jamaica, Andrew Holness, travelled to Washington on Tuesday to discuss security matters with various US State Agencies, including the Federal Bureau of Investigation and the Justice Department. 

Holness said the aim of the meetings is to cut ties between local and overseas criminals and in turn strengthen the country’s crime-fighting efforts.

“I’m serious. If you are overseas and you are sponsoring, directing, and soliciting; if you are financing crime in Jamaica we’re going to get you,” he said.

In a press briefing in early November, the prime minister announced that a State of Emergency (SOE) was issued in seven parishes across the island. Meanwhile, Opposition Leader, Mark Golding has requested that the SOE be extended through to January 14, 2023.

However, a recommendation was made by the non-governmental human rights and justice organization Jamaicans for Justice (JFJ) to reject Golding’s extension request.

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Caribbean News

Heavily in Debt, Grenadian government forges ahead with year-long TAX AMNESTY

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By Shanieka Smith

Staff Writer

 

#Grenada, December 8, 2022 – With over $600 million in tax debt, the government of Grenada has announced a year-long tax amnesty starting January 2023.  Prime Minister and Finance Minister Dickon Mitchell said the amnesty will forego all interest and penalties for the total arrears as far as December 2021.

Mitchell said “many of us have not been paying our fair share” and a change needs to be made in order to prevent any further increase in debt.

“To halt the further accumulation of arrears, all arrears for 2022 onwards will be strictly enforced pursuant to the Tax Administration Act, including the requirement of tax clearance certificates to travel, to access loans from financial institutions, garnishees, et cetera,” he added.

Mitchell noted that efficiency is important in maintaining a good tax system.  He said the government will make strides to improve the current system by simplifying it and reducing the number of taxes.

In the coming year, the Inland Revenue Department (IRD) will also conduct property revaluation, which will allow for a more growth-friendly tax system.

“The IRD will implement a pilot that will allow public officers to pay their property taxes through monthly deductions,” Mitchell said, adding that private sector firms will also be included.

All revenues from the Citizenship by Investment (CBI) program will be identified as non-tax revenue as of January 2023.  According to Mitchell, the CBI and Residency by Investment (RBI) programs are a $29 billion industry that largely contributes to the country’s economy.

Mitchell said that strengthening the CBI and National Transformation Fund programs is a major goal for 2023, and this will require continued partnerships with entities such as the United States and European Union.  He added that the newly implemented measures will ensure the transparency and sustainability of the program.

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