Finance
TCIG Comes Through! Duty Free & Duty Exemption Extended beyond Nov 30
By Deandrea Hamilton & Dana Malcolm
Editorial Staff
#TurksandCaicos, December 1, 2022 – Turks and Caicos Islanders can breathe a sigh of relief after confirmation came from Deputy Premier E Jay Saunders late Wednesday following a full day of Cabinet meeting; the Price Inflation Stimulus, which provides tax exemptions on bread basket items will in fact be extended.
“It was extended in Cabinet today. We just left Cabinet. It was a very long day,” shared the finance minister in response to our queries late on deadline day November 30, who added that the Government is committed to staving off the harshness of the inflation crisis. “We’re here for the people,” said Saunders.
The decision was not a complete surprise as Arlington Musgrove, Minister of Immigration and Border Services which includes the Department of Customs had given soft confirmation to our news organisation much earlier in the day. He said the special tax break, instituted during summer, would not expire on November 30.
“Yes, it will continue,” said Musgrove as he confirmed the continuation would be on the Price Inflation Stimulus which includes duty free bread basket items.
For many, it is what they had desperately hoped for, as prices stubbornly continued to rise over the last three months offering no relief. The possibility of losing the tax exemptions on items like cereal breads and cleaning supplies would have been a hard blow, especially as the holidays are here.
Shopping abroad is also popular at this time of year; offsetting the costliness of the Christmas holidays. If the Prince Inflation Stimulus holds true to the original design, residents of Turks and Caicos will still be able to benefit from a duty exemption concession when they return with goods bought out of the country.
Initiated in August, the Price Inflation Stimulus was passed into law after public outcry about the high prices at the supermarket checkout earlier this year and while there were some snags in getting the process started, for the most part it has helped to lower residents’ grocery bills. It had been slated to expire on Wednesday November 30th.
The Government had repeatedly hinted that an extension was possible.
On November 21st the Premier spoke at a town hall meeting in Providenciales indicating that the government was looking at lengthening one of the current tax exemptions but then he could have meant any one of them. There are currently three in effect.
One cutting government taxes on fuel at the pump and food at the border. Another capping the fuel factor rate on electricity bills which has meant hundreds of dollars in savings and this one, which eliminates the duty on 24 bread basket items and gives duty exemption on goods purchased abroad by returning residents.
“I don’t want to preempt the decision of cabinet but I believe it’s fair to expect that to the extent that the prices continue to rise and until we are able to do something with the living wage we will be making every effort to assist consumers by holding down prices to those basic goods,” said Premier Misick, who also went on to share the subsidising of electricity bills could also be extended beyond December 31, 2022.
His words have now proven true, at least in the case of the Food & Fuel Tax Break and the Price Inflation Stimulus, it seems. Combined, the pair of intervention measures to ‘cushion the blow of record high inflation’ is a tax write off of $31 million.
It is now expected that a more official announcement will come to confirm what Government is giving, what it will cost the public purse and how long it will last.
Providenciales, Turks and Caicos Islands 5th December 2024 – The Ministry of Finance, Investment, and Trade is pleased to announce the launch of a Cheque Delivery Service tailored specifically for individuals who are differently-abled or confined to their homes. We understand that access to financial assistance is crucial, and we are dedicated to making this process as straightforward and inclusive as possible.
To utilize this service, applicants or their authorized representatives are kindly encouraged to submit a written request for cheque delivery. Requests should be sent to colreliefsupport@gov.tc.
The request must include the following:
· a copy of the approved applicant’s Government issued ID
· application number
· phone number and
· address for the cheque to be delivered.
Our team is here to ensure that everyone in our community has the opportunity to benefit from this relief program.
Your well-being and accessibility are our top priorities, and we are committed to providing the support you need.
Thank you for your cooperation, and we look forward to serving you!
Finance
(SENIOR CITIZEN’S) FINANCIAL ASSISTANCE PROGRAMME (FAP) – Second Batch Payments Ready for Collection
Providenciales, Turks and Caicos Islands – Monday, 18 November 2024: The Financial Assistance Programme 2024 will make its SECOND batch of payments, today, Monday, 18 November 2024.
Cheques are ready for collection at the Government Treasuries and Subtreasuries. For persons who applied for the FAP and have met the FAP eligibility criteria, your application, if approved for payment, will have a cheque that is ready for collection.
Pensioners are advised that the only method of payment for this round of payments is by cheque owing to a delay in confirming the
schedules for payments to be made through deposits in the bank accounts submitted. So, to progress payments as soon as possible, a decision was made to distribute the first set of batches by cheque only.
Subsequent monthly pension top-ups will be paid according to the preferred method of payment indicated in your applications.
There is a batch of remaining payments of approved FAP applications from the open portal that would have required additional information. Payment for the third batch will be made by Monday, 25 November 2024.
The list of pensioners with cheques ready for collection in the second batch is given below.
Pensioners must present a Government-issued photo identification to collect payments.
If you are a pensioner who is unable to collect the FAP cheque in person, the authorised person collecting the cheque must present a letter duly signed by the pensioner and notarised, giving him/her the authority to do so on the pensioner’s behalf.
PLEASE ALSO NOTE THAT THE SENIOR CITIZENS FAP PORTAL REOPENS TODAY, 18 NOVEMBER 2024 FOR NEW APPLICATIONS.
| Reference Number | Last Name |
| 644751465 | BAIN |
| 687825715 | BASDEN |
| 505085522 | BEEN |
| 561153666 | BEEN |
| 995648584 | BELIZAIRE |
| 019454565 | CAPRON |
| 527640775 | COX |
| 003649388 | DAQUIN |
| 280220419 | DEAN |
| 849228763 | DELANCY |
| 572356720 | DELANCY |
| 576614240 | DELANCY |
| 612945814 | DELANCY |
| 559596971 | DELANCY |
| 598326321 | DICKENSON |
| 084702484 | DURHAM |
| 597361548 | ELIE |
| 111985864 | ELLIS |
| 543636853 | FORBES |
| 653150084 | FRANCIS |
| 510853558 | FRITH |
| 540955249 | FULFORD |
| 576640232 | GARDINER |
| 189458877 | GARDINER |
| 524124837 | GLINTON |
| 519254633 | GRANT |
| 595489260 | GRANT |
| 685269416 | HAMILTON |
| 697896683 | HAMILTON |
| 827809498 | HAMILTON-RAPPEL |
| 218280489 | HARRIS |
| 580794874 | HENFIELD |
| 537311724 | JEAN |
| 077826499 | JEAN LOUIS |
| 516497711 | JOHNSON |
| 596523793 | JOSEPH |
| 268871233 | JOZINE |
| 028605624 | LEWIS |
| 627390915 | LIGHTBOURNE |
| 568264407 | LIGHTBOURNE |
| 029750496 | MICHEL |
| 650870131 | MISICK |
| 040734569 | MISSICK |
| 651776543 | NEWMAN |
| 018772289 | PENN |
| 784530737 | ROBINSON |
| 116372158 | ROBINSON |
| 121578800 | RODNEY |
| 614625467 | ROLLE |
| 017712998 | SMITH |
| 627788775 | STUBBS |
| 753708955 | SWAN |
| 987691887 | TAYLOR |
| 680139102 | THOMPSON |
| 657093251 | WILLIAMS |
| 366198147 | WILLIAMS |
| 571268091 | WILSON BASDEN |
| 262715489 | GARLAND |
| 343293914 | HANDFIELD |
| 986827347 | DEAN – NEAT |
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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