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New Fiscal Year for the Turks and Caicos

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#TurksandCaicos, April 4, 2022 – April 1st passed over the weekend, and with it the start of the new fiscal year for the Turks and Caicos Islands, bringing several changes into effect.

The Gun Amnesty has officially ended and with it any chance of individuals with illegal firearms to avoid prison time if they are caught, with an unregistered gun or ammunition. Now, April signals the start of a new policing strategy to get illegal guns off of the street.

The initiative, which offered a cash incentive to the handover of unregistered weapons, was announced at the start of March.  The Amnesty ran March 1-31st.

“Be reassured, we will match them every step of the way.  We hope it does not reach there, but we are capable of doing just that, said Rodney Adams, Deputy Commissioner of Police in addressing a concern that the Royal TCI Police is outmatched when it comes to firepower.  He added, “We will continue to do what needs to be done in terms of enforcement, however, the good news is that for this time, we are giving them one month to turn it in, and obviously moving forward, there will be zero tolerance.”

April also brings with it some reductions in taxes and the Food & Fuel Tax breaks came into force on the first day of the month.

In announcing the measure, designed to offset the staggering weight of rising inflation and the exacerbation caused by sanctions which followed the Russian invasion of the Ukraine, Premier Washington Misick held a national press conference to explain how government plans to help.

“We are initially providing a relief of $15 million dollars over the next 12 months” this, he said was to ‘hold down costs to consumers.’

April 1 is also the start of the announced increase in National Insurance Board payments for workers and employers across the country.

“In order to protect its reserves, which are specifically set aside for the continuous payment of future benefits during periods of economic downturn, it is necessary to immediately increase the existing contribution rate structure.

Cabinet in accordance with the recommendations of the Actuary, has accepted and approved the implementation of incremental increases in the current contribution rates over the next three years with effect from April 1, 2022,” a January 2022 press release from the NIB explained.

In the private sector, the rate on taxable income is raised to 10 per cent; 5.5 per cent is to be paid by the employer and 4.5 per cent is to be paid by the employee.

In the public sector, the rate is up to 9.15 per cent with the worker paying 4.075 per cent and the employer or government paying 5.075 per cent.

The self-employed NIB rate is hiked to 8 per cent.

Pension increases for retired individuals over 65, who are for the first time accessing their pensions will see incremental increases up to 30 per cent; however the increase is for those who opt to tap their retirement later.

Also to begin April at the NIB, an outright end to invalidity payments which do not meeting a 300 contribution payment threshold.  Previously, invalidity beneficiaries were accepted after 150 payments into the plan

Another whopper announcement for April came from the TCI Government for its 2,500 staff members.

The new Public Sector Employees Pension Fund and the  Pensions Amendment Bills were also passed in the  House of Assembly with a budget of $23 – $30 million dollars in the first year of the benefit to civil servants.

This means public sector workers officially have a working pension plan along with their NIB pension plan; historic and effective on April 1.

The new savings strategy – which employs a co-payment system – was designed to ensure islanders can look forward to healthier remuneration for disability, death, late and early retirement.

Attorney General Rhondalee Brathwaite-Knowles said, “It is the right of every public sector worker to not only be provided with the tools that allow them to appropriately carry out the roles that are recruited to do, but that they also receive fair compensation and benefits for doing so.”

Additionally, the start of the quarter offered to business licensees across the Turks and Caicos Islands a three-month opportunity to pay off their business license arrears. Government presented a ‘debt forgiveness’ offer to the tune of $1.4 Million and cancelled all penalty charges attracted due to unpaid business license fees, dating back to 02018.

 

Finance

(SENIOR CITIZENS) FINANCIAL ASSISTANCE PROGRAMME (FAP) – UPDATE – 12 NOVEMBER 2024

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Providenciales, Turks and Caicos Islands – Tuesday, 12 November 2024: The Financial Assistance Programme has approved over $1.292 million in payments to 342 persons over the age of 70 years.

The Government is pleased to report that this intervention will ensure that the aged of the Turks and Caicos Islands, have a monthly FAP benefit of up to $1,000 per month. The programme was designed so that those with other sources of pensions which total less than $1,000 per month will be “topped up” to $1,000 per month and those without an alternate source will receive $1,000.00 per month.

The Honourable C. Washington Misick, Premier, in speaking about this programme said that the FAP is an investment in the well-being of the older folk of the TCI.  This monthly contribution makes pension benefits more relevant to the current cost of living and assures a certain level of financial independence and a better quality of life for pensioners.

The provision of liveable pensions is a social obligation that the Government has not taken lightly; and a key component of several initiatives implemented during the past four (4) years that are intended to strengthen social programs to promote economic stability during the entire span of a person’s life in the Turks and Caicos Islands.

The FAP portal is currently closed for submissions but will reopen on Monday, November 18, 2024.  To qualify you must:

  • Be receiving a pension that is below $1,000.00 per month from one or multiple sources or is receiving no pension at all.
  • Be a Turks and Caicos Islander or a British Overseas Territory Citizen.
  • Have attained the age of seventy (70) years old.
  • Be ordinarily resident in the Turks and Caicos Islands for the last 5 (five) years.

Persons who are “wards of the state” (e.g. residing in TCIG wellness centres, aged-care centres, etc.) and “wards of the court.” (e.g. in prison etc.) will not qualify for the FAP.

Apply at: seniorcitizensfap.gov.tc

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Crime

Public Advisory: Warning of Ongoing Zoom Scam Calls  

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Turks and Caicos, November 12th, 2024 – The Royal Turks and Caicos Islands Police Force (RT&CIPF) is alerting the public to be cautious of a new swindle involving unsolicited Zoom meeting requests.

Scammers are contacting individuals, falsely claiming they are initiating a Zoom call and then sending a malicious link.

Superintendent of Division A, Willet Harvey, advises: “Do not click on any suspicious links sent to you by unknown callers.  These scams are designed to trick you into compromising your devices and obtaining sensitive information stored on devices.  Protect yourself by being cautious and reporting any suspicious interactions.  These incidents are engaging the attention of the Force’s Forensic Digital Unit. ”

Key Online Safety Tips:

  • Never Accept Links from Strangers: Clicking on unfamiliar or unsolicited links can lead to data breaches, malware infections, and the compromise of your personal information.
  • Verify Before You Click: If someone sends you a meeting link or a file unexpectedly, verify its authenticity before opening it, even if it appears to be from a known contact.
  • Report Suspicious Activity: If you receive a call or message asking you to click on a link, report it immediately to the police and do not engage further.

Stay vigilant and protect your personal information.

For more information or to report a scam, contact your nearest police station, 911 or Crime Stoppers at 1-800-8477 or download the Crime Stoppers P3 app to share information on the identity of fraudsters.

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Bahamas News

Collaborative Efforts to Combat Cyber Crime Begins in the Bahamas

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Defence Headquarters  – The United States Northern Command, in partnership with local law enforcement agencies, has officially launched Cyber Shark 25, a pivotal cybersecurity initiative aimed at enhancing collaboration and developing strategies to combat cybercrime. The event commenced today and will run through Thursday, October 24, 2024, at the Training Auditorium aboard HMBS Coral Harbour.

In his opening remarks, the Captain of Coral Harbour, Captain Glenn McPhee welcomed participants from various sectors, emphasizing the critical importance of cooperation in addressing the evolving threats posed by cybercrime. He provided an overview of the course, highlighting its focus on knowledge sharing, skill enhancement, and the establishment of a unified front against cyber threats that transcend national borders.

The event has drawn representatives from various organizations, including the Royal Bahamas Defence Force (RBDF), the Central Bank of the Bahamas, the U.S. Coast Guard, and various law enforcement agencies from both the Bahamas and the United States. These stakeholders engaged in discussions aimed at identifying innovative approaches to prevent cybercrime and bolster the security of digital infrastructures.

Cyber Shark 25 serves as a vital platform for fostering dialogue and collaboration among experts and practitioners. By leveraging the expertise of both American and Bahamian representatives, the initiative seeks to cultivate a comprehensive understanding of the challenges posed by cybercrime, while also developing actionable solutions that can be implemented across jurisdictions.

As the event unfolds over the next three days, participants will engage in workshops, training sessions, and collaborative discussions designed to enhance their capabilities in combating cyber threats. The insights gained during Cyber Shark 25 are expected to contribute significantly to ongoing efforts to safeguard the cyber landscape for both nations.

Under the leadership of Commander Defence Force, Commodore Raymond E. King, the RBDF is dedicated to exploring advanced technology and fostering innovation. We value the passion and talent within our organization’s human capital, and through these efforts, we aim to unlock their potential. By embracing modern technology and encouraging creative thinking, we empower our personnel to contribute to the ongoing success of the RBDF.

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