TCI News
Premier heads TCI delegation at OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes
#Providenciales, 4 December, 2019 – Turks and Caicos – On November 26th and 27th 2019 the Organisation for Economic Co-operation and Development (OECD) held their 10th Anniversary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) in Paris, France. The Turks and Caicos Islands were in attendance at the event with a delegation of 6 led by the Premier and Minister of Finance, Investment and Trade, Hon. Sharlene Cartwright-Robinson.
The forum was specifically geared toward assessing the robust standards that have prompted a tidal shift in exchange of information for tax purposes throughout its member jurisdictions.
According to reports revealed during this meeting, almost all Global Forum members have eliminated bank secrecy for tax purposes, in an effort to reduce tax evasion and to improve tax transparency. The Turks and Caicos Islands were among those jurisdictions making a shift toward increased tax transparency.
Director of the Exchange of Information Unit within the Ministry of Finance, Henry Saunders commenting on the forum stated, “As a small developing state, TCI’s participation on an equal footing for shaping the global standard for combating tax evasion, avoidance and governance brings on a sense of inclusiveness that our values and ideals are being heard for adaption and implementation. The fight to battle aggressive tax planning is real and requires international cooperation and mutual support from participating jurisdictions with common interest.”
The Exchange of Information Unit facilitates the exchange of information with Treaty Partners internationally and domestically, to improve co-operation with internal stakeholders. The Turks and Caicos Islands Government has to-date signed several Tax Information Exchange Agreements (TIEA’s) with negotiations ongoing with a few more jurisdictions. TCI has also signed onto the Multilateral Convention on Mutual Administrative Assistance in Tax Matters adding to the list of some 60 plus jurisdictions that have already signed on to date.
Premier Robinson commenting on the globalization of tax transparency stated, “It is of paramount importance that the Turks and Caicos Islands is not labelled as a country or jurisdiction that is non-compliant with evolving tax laws. TCI has and will continue to remain compliant with global standards as it relates to exchange of information for tax purposes and improve upon our internal and external stakeholder relationships.
Turks and Caicos Islands must ensure its equal participation in the fight against illicit financial transactions and the prevention of terrorist financing by implementing and complying with the agreed international standards.
I am pleased to attend forums like these with the relevant delegates to report on, with validated data, TCI’s position as it relates to global standard compliance and to use these platforms to gain information on how we can improve and widen our knowledge and partnerships internationally.”
Included in TCI’s delegation was, Premier and Minister of Finance Investment and Trade, Permanent Secretary for the Ministry of Finance, Mrs. Athenee Basden, Senior Legislative Drafter from the Attorney General’s Chambers, Ms. Gogontle Gatang, Mr. Henry Saunders, Director for the Exchange of Information Unit, Ministry of Finance and Mr. Ronlee James, Executive Director and Lareesa Robinson, Executive Administrator within the Office of the Premier, Local Government and Community Affairs.
This Global Forum brought together more than 500 delegates from 131 member jurisdictions for renewed discussions on efforts to advance the tax transparency agenda.
Release: TCIG
Caption: Pictured above (from left to right): Mr. Ronlee James, Executive Director of Office of Premier, Local Government and Community Affairs; Mrs. Athenee Basden, Permanent Secretary, Ministry of Finance, Investment and Trade; Ms. Lareesa Robinson, Executive Administrator, Office of the Premier, Local Government and Community Affairs; Premier and Minister for Finance, Investment and Trade, Hon. Sharlene Cartwright-Robinson; Ms. Gogontle Gatang, Senior Legislative Drafter, Attorney General’s Chambers and Mr. Henry Saunders Director of Exchange of Information Unit, MOF.
TCIG knew from April that fuel factor could surge almost 80%; Minister says $500 cost-of-living payment was part of Government’s response
PROVIDENCIALES — The Turks and Caicos Government knew months before July’s shocking electricity bills that consumers faced a potentially massive increase in the fuel factor.
Minister of Information Technology and Energy E. Jay Saunders revealed Friday that Pelican Energy warned his Ministry in April that generation fuel costs were projected to rise from $3.09 per gallon in May to $4.79 in June and July.
That translated into a projected fuel factor jump from about 17.5 cents to 31 cents per kilowatt-hour — an increase of almost 80%.
Saunders said he personally advised Cabinet of the projected increase and presented options for cushioning the impact.
He characterised Government’s $500 cost-of-living payment as its “initial response” to rising fuel costs, before a separate fuel-factor subsidy was approved.
Cabinet records show Government agreed on June 24 to provide funding to mitigate the fuel-factor impact, with the relief programme approved July 8.
Eligible residential customers — those averaging less than $1,500 monthly over the previous three bills — are capped at 22 cents per kWh from July through October.
Pelican confirmed Friday that Government’s contribution was already applied to July bills, meaning the bills now triggering widespread public outrage would have been even higher without the subsidy.
Saunders did not disclose the programme’s total cost.
His admission that Government knew since April, however, raises another question amid the backlash: why were consumers not directly warned by Government about the scale of the approaching increase?
PROVIDENCIALES — New commercial Crown Land applications are facing a six-month pause as the Turks and Caicos Islands Government takes inventory of its holdings.
During Cabinet meetings held July 15 and 16, an immediate six-month moratorium was approved on the acceptance, processing
and approval of new applications for commercial Crown Land grants, leases and allocations.
The pause will remain in place pending completion of the Crown Land Inventory Review. Cabinet’s summary did not state what prompted the review or indicate whether availability of commercial Crown Land is a concern.
The two-day meeting also advanced major consumer legislation. Cabinet approved the National Fair Competition Policy 2026 and drafting instructions for a Fair Competition Ordinance, moving TCI toward stronger consumer protection and fair competition rules.
In Grand Turk, Cabinet approved rezoning land in the North West Suburbs from low-density to medium-density residential use to facilitate a new apartment development.
Cabinet also advanced fisheries reforms, water legislation allowing private and public-private investment, minerals legislation and appointments across tourism, health and finance.
Progress toward establishing a TCI Credit Union was also noted.
PROVIDENCIALES — Major development projects outside Providenciales received Cabinet attention on July 8, with Government approving agreements connected to the redevelopment of Dellis Cay and a resort development in North Caicos.
Cabinet approved a Development Agreement between the Turks and Caicos Islands Government, Desarrollos Hotelco DC Ltd. and
Desarrollos Hotelco Astoria Ltd. for the redevelopment of Dellis Cay.
The long-discussed private island development sits between Providenciales and North Caicos and its return to Cabinet signals another step toward redevelopment.
Cabinet also approved amendments to an agreement involving SPR LND Ltd. (Royal Reef) and TCIG Development Agreement for a resort/hotel development in North Caicos.
Other decisions included approval of the First Supplementary Appropriation Bill 2026 for onward transmission and the appointment of Cindy Ewing as Chair of the Invest TCI Board, effective August 1 for three years.
Cabinet also noted consultation outcomes concerning changes to business licensing, approved professional membership expenses for qualifying Telecommunications Commission staff and approved advice relating to the Interim Clinical and Estates Services PPP.
The July 8 meeting was chaired by Acting Governor Anya Williams.
Photo Credit: Royal Reef (Keith)
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