Connect with us

News

House passes bill to continue Junior Stock Market incentives

Published

on

 

KINGSTON, Jamaica, October 19th, 2016 – The House of Representatives, on Tuesday (October 18), passed the Income Tax (Amendment) Act, which seeks to continue the incentives provided under the Junior Stock Exchange. The benefits include a 10-year tax break, where no corporate tax is paid for the first five years and 50 per cent of the prevailing rate is paid in the next five years.  Companies also have access to capital as a result of preferential treatment from banks.

In closing the debate, Minister of State in the Ministry of Finance and the Public Service, Hon. Fayval Williams, said data has conclusively shown that the tax incentives have encouraged the growth of the junior market and created employment.  “The 29 companies listed on the junior market have raised over $5.73 billion. The market started with a capitalization of $521 million and it is now $96.2 billion. Over 1,000 new permanent jobs have been created at these companies, and that does not count the indirect jobs that were created,” she noted.

In addition, she said, some $4 billion in dividends were distributed and the number of strongly capitalized companies with robust taxpaying capabilities has increased.  Opposition Spokesperson on Finance, Dr. Peter Phillips, while welcoming the legislation, raised concern that companies were using the junior stock market as a means of avoiding taxes.  “What we are seeing is that… long-established and mature companies, some of them as old as 25 years old, have been made eligible to participate. These companies have, in some instances, spun off subsidiaries connected to these venerable parents in order to secure tax relief rather than because of any pressing need for new equity expansion,” he said.  “What we need to do with both the senior and junior exchanges is to design a mechanism that provides an incentive to the people who want to invest and become participants in the adventure of economic growth,” he argued.

In her response, Mrs. Williams said that strong penalties have been attached to the tax incentive scheme.  “The companies must stay listed, as any taxes foregone would be clawed back; and even after the incentive period ends, the company has to stay listed for at least five years, so they cannot leave after the incentive period without penalties,” she pointed out.

Mrs. Williams said the observation that the majority of companies have sought to raise minimum capital does not necessarily suggest tax avoidance.  “Consider that maybe it is not tax avoidance that causes companies to seek to raise minimum capital, but their assessment is that when they list on the stock market, chances are, the price for the equity at that point in time will be the lowest price that they will see.  And so you seek to minimize the percentage that you put on the market,” she argued.

The Junior Stock Exchange was launched on April 1, 2009 to encourage and promote investment in Jamaica’s entrepreneurship, employment and economic development.  It allows investors to put capital into legitimate small and medium-size enterprises, whose shares trade on a special Jamaica Stock Exchange platform.

 

 

 

Continue Reading

Government

Government Outlines New Healthcare Vision as Interhealth Exit Accelerates Reform  

Published

on

By Magnetic Media Newsroom

 

PROVIDENCIALES, Turks and Caicos Islands — The Turks and Caicos Islands Government says the breakdown of its relationship with InterHealth Canada presents an opportunity to reshape healthcare delivery, with plans to expand local medical services, strengthen primary care and reduce dependence on overseas treatment.

During a national briefing following InterHealth Canada’s notice terminating its hospital contract, Premier Charles Washington Misick acknowledged publicly for the first time that Government and InterHealth had been negotiating an exit from the arrangement for more than a year after what he described as an “irretrievably broken down” relationship.

Despite the contractual dispute, Misick and Health Minister Kyle Knowles stressed that healthcare services will continue uninterrupted during the transition.

“Allow us to do our job,” Knowles appealed, assuring residents that Government is actively managing the transition and safeguarding patient care.

The Premier outlined what amounts to a broader healthcare transformation built around four connected levels of care: strengthened community-based primary healthcare; expanded polyclinic services; enhanced hospital-based secondary care with greater specialist capacity; and overseas tertiary treatment only for cases that cannot be managed locally.

Among the proposals are the long-discussed establishment of intensive care units, expanded use of currently unfinished hospital space, recruitment of more resident specialist physicians and stronger contract management to oversee future healthcare agreements.

Knowles said the new polyclinic model will broaden services available outside the hospitals, including dentistry, ophthalmology, laboratory services, diagnostic imaging, gynaecology and preventative screening, helping to reduce pressure on emergency departments while improving early intervention.

Misick also acknowledged that while the hospital system significantly improved healthcare access after opening in 2010, Government believes further reform is necessary to improve affordability, sustainability and the range of services available within the Turks and Caicos Islands.

The briefing marked the Government’s most comprehensive explanation to date of its plans beyond the InterHealth contract, signalling that officials now see the transition as an opportunity to redesign healthcare delivery rather than simply replace one operator with another.

Continue Reading

News

Planning for Tomorrow: Why Sustainable Communities Begin with Good Planning

Published

on

Turks and Caicos – Every thriving community tells a story long before the first home is built. The placement of roads, the routing of utilities, the protection of natural resources and the provision of schools, healthcare and emergency services are all the result of decisions made through careful planning. While these elements are often taken for granted, they form the foundation of safe, functional and sustainable communities.

As populations grow and communities evolve, planning becomes increasingly important. It helps ensure that development takes place in locations that can support it, that infrastructure keeps pace with demand, and that public services remain accessible to those who depend on them. Good planning also considers the future, creating communities that can adapt to changing needs while preserving the quality of life enjoyed by current and future generations.

Where development occurs without adequate planning, however, the effects can be felt far beyond the boundaries of a single neighbourhood. Roads may be unable to accommodate emergency vehicles, utilities can become overstretched, and environmental resources may come under increasing pressure. Delivering public services in these circumstances often becomes more difficult and more costly, creating challenges that affect entire communities rather than individual properties alone.

For this reason, sustainable development can only emanate from careful planning. It must be ensured that homes, infrastructure and essential services develop together in a coordinated and responsible way. Every planning decision contributes to the broader picture of how communities function, grow and respond to future demands.

Supporting that process requires reliable information. Accurate data helps planners and policymakers understand where growth is occurring, identify emerging needs and make informed decisions about infrastructure, housing and public services. It also strengthens collaboration among government agencies by providing a shared understanding of the challenges and opportunities facing communities.

Within the Turks and Caicos Islands, this collaborative approach is reflected in the work of the Informal Settlements Unit (ISU), which supports a range of initiatives aimed at improving the understanding of informal settlement development. Through activities such as GIS mapping, the Social Needs Assessment Survey and collaboration with partner agencies, the ISU contributes valuable information that helps support evidence-based planning and long-term decision-making.

Strong communities are not built overnight. They are shaped through thoughtful planning, informed decisions and cooperation across government and the wider community. As the Turks and Caicos Islands population continues to grow, maintaining that focus will be essential to creating communities that are safe, resilient and equipped to meet the needs of generations to come.

Continue Reading

Bahamas News

Caught in the Net, Not Accused of Wrongdoing

Published

on

What the Attorney General must do now to protect Bahamian exports

Deandrea Hamilton | Editor

NASSAU, Bahamas — The United States’ decision to impose a 12.5 percent tariff on Bahamian exports is about more than higher costs for seafood, rum and other goods entering the American market. It is a warning that The Bahamas must move quickly to strengthen or clarify its legal framework governing forced labour and supply-chain enforcement.

The tariff, which takes effect July 24, is part of a sweeping U.S. trade action affecting 60 economies following a review by the Office of the U.S. Trade Representative (USTR). The review concluded that the listed countries have not adequately prohibited or enforced measures against goods linked to forced labour in global supply chains.

The action follows a recent U.S. Supreme Court ruling that invalidated an earlier series of Trump-era tariffs imposed under emergency powers. In response, the Trump administration shifted to a different legal authority—Section 301 of the Trade Act of 1974—using findings from a U.S. Trade Representative investigation into forced-labour compliance to support a new round of tariffs affecting 60 economies, including The Bahamas.

Importantly, the action does not accuse Bahamian businesses of using forced labour. Instead, it reflects the U.S. view that The Bahamas’ legal or enforcement framework does not yet meet the standard Washington expects.

That distinction matters.

The Attorney General’s Office now has the responsibility to lead the country’s legal response. That begins with determining precisely what concerns the U.S. Trade Representative identified, reviewing whether Bahamian law adequately addresses those concerns and, where necessary, recommending legislative or regulatory changes. If deficiencies exist, legal amendments and stronger enforcement could help position The Bahamas for removal from the tariff list.

The government may also seek formal discussions with U.S. officials while those reforms are undertaken, outlining a clear timetable for compliance and demonstrating that the country is committed to meeting international labour standards.

A Nassau Guardian front-page report on July 24 drew attention to the tariff action, prompting broader questions about why The Bahamas was included among the 60 economies affected by the U.S. trade measure and what steps are now needed to restore full confidence in the country’s trade framework.

For many Bahamians, the immediate concern will be the fisheries sector, one of the country’s largest export industries. Commercial shipments of lobster, conch, fish, crawfish and other products entering the United States could become more expensive because of the additional tariff, potentially affecting exporters’ competitiveness.

The broader lesson is that international trade increasingly depends not only on quality products, but also on strong business relationships and confidence in the legal systems that govern them.

For The Bahamas, this is less a finding of wrongdoing than a reminder that international credibility is earned through modern laws, effective enforcement and trusted partnerships. The challenge now is for the Attorney General’s Office to lead a swift legal review, identify any deficiencies and chart a clear path toward compliance so Bahamian exporters are not burdened any longer than necessary.

Continue Reading

FIND US ON FACEBOOK

TRENDING