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TCI: Mad math may point to need for some subtraction and, God forbid, no real surplus!

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#Providenciales, March 8, 2019 – Turks and Caicos – EDITORIAL – The math being used to encourage on time payment of taxes to the Turks and Caicos Islands Government for those companies which fall under the Hotel Restaurant Tourism Taxation (HRTT) ordinance seems to be madness. 

With some HRTT Ordinance companies and what they owe to TCIG now exposed to the public in an effort to ‘set the record straight’ about the Amnesty Bill passed in the House of Assembly on Monday, Premier and Finance Minister, Sharlene Robinson laid bare the who and the what… and from our vantage point, the figures force you to ask, “what the heck?!”

Sure, the titan in this messy money matter is undeniably Beaches Turks and Caicos; but let’s view the whole picture of this debacle which in every case demonstrates that the compounded interest and penalties, for all 41 of these companies is a ‘killer’.

The littlest of the lot actually owes TCIG $760.00, but the penalty to the company takes the boosted bill to more than double.  So, this business owner is likely happy now, because they can go in and pay off that $760 and they’ve got 30 days to do it.

It gets more bizarre though, when a few villas are showing that they owe government under $10,000; at least two of them have accumulated $6,000 in taxes but due to the penalties, their meager bill has turned into a heavy load.  For one company which has $9,000 in unpaid taxes, their penalties alone are $42,000 over a six-year period.

The ledger shows that TCIG is actually owed about $29.7 million in taxes, but the penalties are nearly three times the taxes due; at a whopping $89.1 million.

Fifteen companies have paid their taxes, leaving the penalty amount with TCIG and therefore on the books.   Left by those 15 companies: $842,164 in unpaid penalties. 

Due to the Amnesty, that sum will be wiped clean from the records and the 15 companies are now back at zero balance. 

As stated in the House of Assembly on Monday night, seven companies are referred to the Attorney General for prosecution regarding their arrears with TCIG. 

In one case, the business owes just over $66,000 but their penalties take their overall bill with TCIG to $334,000; five times their taxes.

Imagine a stand-alone restaurant in the tourist district of Grace Bay having to fork over (pardon the pun) $1.4 million when their taxes are a mere fraction of that, at $345,000.  Their accumulated penalty is a staggering $1.1 million.  Or another restaurant on the Grace Bay strip, which would have had to pay government $280,000 with their taxes and penalties combined; now the amnesty reduces that bill with TCIG to $80,000.

It appears that strict penalty system has backfired and ended up being a deterrent to payment for some businesses and detrimental to the fiscal health of the country. 

Perhaps, in all of this talk about who owes what, there needs to be a revamp of that system so that it rewards early payment, instead of grossly penalizing late payment.

The Amnesty is designed to wipe $89.1 million in penalty fees off the books and off the records of these 41 companies and TCIG.

It surely leaves Magnetic Media wondering whether reports of super surpluses for TCI, were betting on these astronomical penalties eventually being paid. 

#magneticmedianews

#amnestyfor41companies

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InvestTCI facilitates the Development Agreement Between TCIG and Molo Hotel Group 

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Providenciales, Turks and Caicos Islands – May 14th, 2024 – The Turks and Caicos Islands Government and Molo Hotel Group reached a pivotal juncture on Monday, May 13th, 2024, with the ceremonial signing of a development agreement at the Premier’s Office on Providenciales. The agreement, which received official Cabinet approval on March 13th, 2024, signifies a steadfast commitment to advancing the economic landscape of the Turks and Caicos Islands.

Molo Hotel Group is a family-owned business, renowned for its distinguished portfolio of high-quality hotels worldwide. The development initiative encompasses the construction of three distinct IHG branded hotels: InterContinental Turks and Caicos, Kimpton Turks and Caicos and Hotel Indigo Turks and Caicos. Scheduled for completion by 2027, each resort boasts a distinctive design from luxury to laidback sophistication spanning across the shores of Grace Bay Beach.

Kimpton Turks and Caicos – an epitome of luxury lifestyle living, will feature 192 guest rooms including three outdoor pools, a luxury spa and a fitness center. Additionally, seven dining options ranging from a beachfront restaurant to a rooftop bar.

Adjacent to the Kimpton, InterContinental Turks and Caicos will offer 59 classic luxury suites with panoramic ocean views. Mirroring its counterpart, this resort will offer an array of dining options and upscale facilities.

Steps away from the Intercontinental and Kimpton resorts, Hotel Indigo Turks and Caicos will embrace a sense of community and contemporary elegance, offering 56 bedrooms. The resort will feature an onsite restaurant, lobby bar, outdoor pool, and fitness room.

Beyond the realm of hospitality, this development agreement underscores the government’s commitment to fostering economic growth and enhancing employment opportunities in the Turks and Caicos Islands. Molo is partnering with the Turks and Caicos Islands Community College (TCICC) to actively promote hospitality as a career choice and support in developing training programs, career fairs, seminars, workshops, and events to raise awareness about hospitality careers. Molo has committed to provide employment and apprentice opportunities to TCICC students and provide mentoring and practical on property training to students.

The signing event was graced by Hon. Charles Washington Missick, Premier of the Turks and Caicos Islands, Hon. Jamell Robinson, Deputy Premier, Hon. Kyle Knowles, Minister of Public Safety and Utilities, Hon. Rachel Taylor, Minister of Education, Youth, Sports and Culture, Łukasz and Marcin Slominski, Owners of Molo, Ross Morrow, Managing Director Molo, Arik Kono, Vice President Upscale Development for IHG, Dr. Candice Williams, President and CEO of the Turks and Caicos Islands Community College, Angela Musgrove, InvestTCI CEO, Dr. Barbara Ambrister, Chairperson of the Turks and Caicos Islands Community College, Dr. Delores Stapleton- Harris, Vice President of Academic, Vocational and Student Affairs for the Turks and Caicos Islands Community College, Mr. Kevin Baxter, Dean of Technical Vocational Education Training (TVET) and Sheryl McLaughlin, InvestTCI Investment Services Executive.

Commenting on the development agreement, Premier, Hon. Misick, stated “The Memorandum of Understanding (MOU) signing of IHG/Molo Hotels is a significant step towards a sustainable future for hospitality in the Turks and Caicos Islands. Three hotels, Kimpton, Intercontinental, and Hotel Indigo, will be introduced, enhancing our tourism product and creating employment opportunities.”

He further added, “Partnerships with the Turks and Caicos Islands Community College and Turks and Caicos Islands Sports Commission are underway, demonstrating the Government’s commitment to developing human capital and elevating tourism offerings. This project will bring economic growth, embrace local talent, and enrich our economy.”

Additionally, Mrs. Angela Musgrove, CEO of Invest Turks and Caicos Islands, emphasized “This collaboration confirms our commitment to fostering economic growth and prosperity within our country. We have worked closely with Molo Hotel Group, and we are confident that this transformative project will further position the Turks and Caicos Islands as a premier destination for travel and investment. Much to our delight, it will also provide opportunities for engagement with our Community College and small business community.”

The Government of the Turks and Caicos Islands, operating through its primary Investment Promotion

Agency, Invest Turks and Caicos Islands, remains committed to attracting and facilitating Foreign Direct Investments to the country by providing a comprehensive suite of services. Through strategic initiatives and targeted promotion, the agency catalyzes sustainable development, driving innovation and small business opportunities across various sectors of the economy.

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TCI News

AMERICAN MOTHER AND DAUGHTER ALLEGEDLY ARRESTED FOR TWO BULLETS

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Deandrea Hamilton and Wilkie Arthur

Editorial Staff

A DAUGHTER reportedly brought her mother to the Turks and Caicos for Mother’s Day, and both were allegedly arrested, leaving the Turks and Caicos Islands today (Monday 13th, May,2024).

Officials say they were found with two rounds of ammunition in their luggage.

Police have confirmed the arrest to Magnetic Media after inquiries.

Turks & Caicos residents are already reacting to this latest report, “dumbfounded” by the mistake which keeps being repeated despite all of the high profile attention the matter has received in leading news organizations and the warning the US Embassy has issued. There is also the well publicized stance of the TCI Office of the Director of Public Prosecutions that these individuals must be punished according to the law.

In this newest case, the daughter was released, and the mother remains in police custody pending charge and court appearance later this week.

Police inform they will update soon.

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Caribbean News

Turks and Caicos Retains Championship at 28th Annual Caribbean Classic Golf Tournament

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Please note:

Photos by TCI Sports Commission

Providenciales, Turks and Caicos Islands – In an historic showing, the Turks and Caicos Islands Golf Association (TCIGA) dominated the 28th annual Caribbean Classic Golf Tournament, held in Casa de Campo, Dominican Republic, from April 25th to 27th, 2024. The victory marks a turning point for TCI golf, and much of the credit goes to the exceptional team of players assembled by Sean Wilson the Head Professional at the Royal Turks and Caicos Golf Course.

56 golfers, playing under the banner of the TCIGA were rewarded for their enthusiastic participation across both the Men’s and Women’s divisions.

“This back-to-back win is an indication of the growing interest and increased participation in the sport of golf in TCI,” stated TCIGA President Fraser Dods.

“We’ve been competing at this tournament since its inception almost 30 years ago, and finally bringing home the George Noon Cup two years in a row is a truly proud moment for Turks and Caicos golf.”

Clean Sweep for Team TCI

The team’s success was based on strong and determined performances in every flight and category.

The Turks and Caicos men’s team secured the Robert Grell Trophy, while the ladies claimed the Jodi Munn Barrow Trophy.

This clean sweep across all team divisions highlights the growing depth and talent within the TCI Golf Association membership.

The “Classic”organized by the Caribbean Golf Association, brings together golfers from the twelve membercountries of the CGA. The Caribbean Classic is an individual and team event, competed for by teams of unlimited number of players from each participating member country, playing eighteen holes of golf each , over 3 days.

Team Turks and Caicos amassed the most points overall and won the George Noon Cup last year, for the first time in 27 years of competing at this event. To repeat as champs is a proud moment for TCI sports in general and for TCI Golf specifically.

Individual Accolades Abound

Beyond the team triumphs, individual golfers from TCI shone brightly. Female players, namely Wendy Ayer, Christine Dickenson, Tazmaraa Gowans, and Andrea Todd, all secured podium finishes in their respective divisions

The men’s side also saw impressive performances from Justin Simons, Mark Fulford, Arthur Lightbourne, Mervin Cox, and Simon Dobbs. Their individual excellence contributed significantly to the overall team victory.

Looking Ahead: Building on Success

TCI Director of Sports Jarrett Forbes is optimistic about the future. “This win exemplifies the immense potential of golf in the Turks and Caicos,” he stated. “We encourage young islanders to take up this fantastic sport.”

Head Golf Professional at Royal Turks and Caicos Golf Club, Sean Wilson, echoed the sentiment. “This is a monumental achievement for TCI golf,” he said. “Bringing home trophies in all three divisions is a testament to the hard work and dedication of the TCIGA and its players.”

The Caribbean Classic second victory creates a new legacy for golf in the Turks and Caicos Islands.

The TCIGA is administrated by a golf-loving volunteer executive comprised of Fraser Dods, Mark Fulford (VP), Denise Douglas (Secretary), Paul Murray (Treasurer), Andrea Todd and Roberto Stipa.Through their collective efforts, and the growing participation of TCI golfers, the future looks bright for this sport in the region.

The Caribbean Classic is one of the highlights of the Caribbean Golf calendar. Organized by the Caribbean Golf Association, it allows participation of amateurs from 12 countries, including the Turks and Caicos, Puerto Rico, Guadalupe, the Bahamas, Jamaica, Trinidad and Tobago, Dominican Republic, Barbados, the Cayman Islands, Martinique, St Lucia, and USVI.”

 

 

 

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