News
NO VAT says TCI Premier at Invest Turks & Caicos Economic Conference
By Dana Malcolm
Staff Writer
#TurksandCaicos, May 27, 2022 – Turks and Caicos Premier Washington Misick has officially put the speculation about Value Added Taxes (VAT) in the Turks and Caicos to rest, addressing the controversial notion at the May 24 conference of the Invest Turks and Caicos Agency.
“The people who pay the most tax in this country are the people who can barely afford to pay it and we need to come to that realization and be fair. This is one of the key points of inclusive growth and retention in our economy.”
In addition Missick noted that not only was VAT unlikely, but that more money was on the way for small businesses,
Misick admitted that the TCI was lacking in activities and attractions to interest tourists but noted that the two areas were ripe for domestic investment.
“Think about those two areas it doesn’t have to be hundreds of millions of dollars, Funds are available through invest TCI for grants for startups and upscaling.”
He invited private sector workers to ‘think seriously’ about investing in the attractions sector.
The economic conference also featured as speakers: Hon E. Jay Saunders, Deputy Premier and Minister of Finance, Investment and Trade; Angela Musgrove, (acting) CEO of Invest Turks & Caicos Agency and visiting speaker, Carolyn McDonald Riley, Director, Tourism Linkages Network, Tourism Enhancement Fund, an agency of the Ministry of Tourism (Jamaica).
The conference was held Tuesday May 24, 2022 at Beaches Resort Villages & Spa in the Turks and Caicos Islands.