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PTV $3 Million Write Off Approved since April; took 8-months to get to HOA

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By Deandrea Hamilton & Dana Malcolm 

Editorial Staff 

 

#TurksandCaicos, December 20, 2022 – A $3 Million dollar tax write-off may be just what People’s Television, (PTV) needs for the company to come back with a new announcement, that instead of closing its doors temporarily on December 31, 2022 it will remain open; but it took the TCI government eight months to move from approval at Cabinet to vote in the House of  Assembly and it may be too late.

Five days after PTV, the only local TV Broadcaster in the country, announced it would suspend operations, going off air by December 31st, The Turks and Caicos Islands Government quickly approved a $3.19 million write-off in the House of Assembly.  But that gesture of goodwill for the struggling company had been approved by Cabinet all of eight months ago on April 20th.

Some say bureaucratic red tape, others say plain old forgetfulness led to the extreme delay and last week the motion made it to parliament and was unanimously supported by members of the Turks and Caicos House of Assembly.   A last ditch effort, it seemed to save the fledgling telecommunications company.

Magnetic Media reached out to Otis Morris, Minister of Home Affairs with responsibility for Broadcasting and Telecommunications for details on the time lapse.  Morris told us the timing was off because the Government had so many procedures to get through.

The write-off was passed in under two hours on December 12th.

In an email, PTV informed subscribers that it would have to go off air and reboot in future.  The outpouring on the potential loss of the indigenous company, started by the late Peter Stubbs brought swift reaction by the TCIG.

Moved by Morris on December 12th in the House of Assembly, the write-off applied to license fees owed to the government.  Andrews Communications, which is the parent company of PTV, should have been paying those license fees at a rate of seven per cent of profit or $250,000 in yearly fees from 2006. The amount they still owed in 2022 stood at exactly $3,429,053 million.

The motion proposed that the House of Assembly approve a write off of 90 per cent of that arrears, leaving Andrews to pay $342,905 over a grace period of seven years.

The outstanding bill for the regulatory fees of PTV, to the tune of $104,647.60 was also written off.

Opposition Leader, Edwin Astwood supported the government motion.  Premier Washington Misick, in agreeing to wipe PTV’s slate nearly clean,  noted that there was a huge void in positive domestic and culturally aware programming.

PTV has not yet said if the $3 million dollar debt forgiveness had anything to do with their decision to announce closure or whether the write-off will change its decision to suspend operations.

Magnetic Media’s request for comment and an update, have so far gone unanswered.

Caribbean News

Millions to come from FSC 

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Dana Malcolm 

Staff Writer 

 

 

#TurksandCaicos, March 17, 2023 – Revenue from the Turks and Caicos’ Financial Services Sector will more than double in the next few years, if E Jay Saunders, Deputy Premier and Finance Minister gets his way.  It ‘s one of the reasons the country is investing so much capital into getting off of the EU blacklist and becoming a secure trustworthy financial destination. 

“The FSC’s revenues for 2020/21 was $10.5M— the figures for 2021/22, would be about similar,” he said.  He further explained that $10.5 million from the FSC represented about 2.6 percent of the country’s 408.5-million-dollar revenue.  Though it increased to $14 million in the 2021/22 financial year, finance is still a small fry compared to tourism or even stamp duties but that will change, says Saunders. 

“My revenue goal for the Government by the year 2029 [or] the election after the next election – is $500M.  By that time, I want the financial sector (FSC) revenues to represent at least 5% ($25M).  So that’s my goal for the financial sector by 2029.” 

This goal, should it be met, would increase the Government’s revenue by 100 million dollars, a significant increase in spending power for local upgrades and improvements for Turks and Caicos residents and visitors. 

Saunders says it’s time for the TCI to diversify its sources of revenue to make sure that what happened in the COVID-19 pandemic, which saw residents out of a job for months, will not happen again.  Tourism now makes up around 80 percent of the country’s GDP.  The Minister of Finance wants to push that down to 60 or even 50 percent.  

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Caribbean News

Debrief on Haiti Caribbean heads visit 

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Dana Malcolm 

Staff Writer 

 

 

#Haiti, March 17, 2023 – When a CARICOM delegation visited Haiti earlier this month, conspicuously absent was the Turks and Caicos Islands despite being one of the nations most directly affected by the multi-dimensional crisis there.  There is no comment, as yet from the Premier, to say why this was the case.  

Still, from the expedition, CARICOM heads of Government have informed that there will be lobbying in Africa for assistance in Haiti.  They say they have decided that the best course of action for the Caribbean country is to bolster the Haitian National Police and act as intermediaries with Africa and the world.  The decision follows a one day visit on February 27th, and a March 5th meeting chaired by the Bahamas. 

CARICOM says during the trip delegates ‘met with a broad range of Haitian stakeholders to hear their views on the way forward to a Haitian-led solution’. With that in mind it has made a decision on how to proceed.

“The Heads of Government agreed to support the Haitian National Police in their efforts to address the security situation.  The focus of the Community will be the provision of training for the HNP and the provision of humanitarian assistance to HNP and the wider Haitian society, taking into account the challenging humanitarian and security situation”

It’s not clear yet where and how this training will take place.  Also distinctly absent from the report, no more mention of boots on the ground from other countries despite CARICOM Member States indicating they were ready and willing should it come to that.

In addition, recognizing ‘the common historical experiences and the strong African-Caribbean relationship’ CARICOM says,

“Heads of Government also agreed to seek support from African countries for Haiti.  They also agreed to work with the Governments of Canada and the United States as well as the UNDP”

Magnetic Media has reached out to the Premier’s Office to get a full debrief of the February 27th visit (led by Jamaica; including The Bahamas and Trinidad and Tobago) to learn of Turks and Caicos’ posture following the critical sessions.  

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Caribbean News

New ASHLEY’S LEARNING CENTRE CONCERT

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Dana Malcolm 

Staff Writer

 

 

#TurksandCaicos, March 17, 2023 – Musicians from the New World Symphony will be in the Turks and Caicos in concert next month and residents are invited to attend in support of the future of Ashley’s Learning Center.

A fairly young orchestral academy based in Miami, the New World Symphony was launched in the 1980s by 1987, Michael Tilson Thomas and Ted Arison,Carnival Cruises founder.  From the 1500 applicants who vie for a spot each year, the symphony accepts around 35 music graduates annually for training fellowships. 

A select few of those graduates will be in country on April 8th headlining at the Ashley’s Learning Center concert ‘We’re all in this together’.  The concert which also feature local artistes will be held at Brayton Hall on Venetian Road from 6 pm to 8:30 pm

Tickets are available ON ISLEHELP  $75 PER GENERAL SEAT $125 PER PREMIUM SEAT $195 PER GALLERY SEAT – with /FREFRESHMENTS. 

For TICKET RESERVATIONs you can call: 649-341-2304 or email  EVENTS@ASHLEYSLEARNINGCENTER.ORG 

 

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