Millions to come from FSC
#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.
Work of NAECOB critical in ensuring high standards in education, says Minister Hanna-Martin
Bahamas Golden Jubilee Events Announced, Celebrations Across 33 Islands & Cays
#TheBahamas, March 27, 2023 – As the 50th anniversary of our nation’s independence approaches, Bahamians everywhere are teeming with excitement and expectancy around the year-long celebrations set by The National Independence Secretariat.
Yesterday, the Prime Minister joined H.E Leslia Miller Brice, Chair of The National Independence Secretariat to unveil the Calendar of Events for the 50th Independence celebrations.
The calendar comprises a host of events, initiatives and recommendations for celebrations throughout all 33 islands of The Bahamas.
At this jubilant occasion the PM stated, “Celebrating independence is about acknowledging the greatness around us, the greatness within us, and the greatness ahead of us.
We are Bahamians. That identity is special.”
View the newly released calendar of events here:
JAMAICA: 12,362 Seniors Registered Under New Social Pension Programme
#Kingston, March 28, 2023 – There are currently 12,362 seniors registered under the Government’s new Social Pension Programme.
Minister of Labour and Social Security, Hon. Karl Samuda, made the disclosure during the sitting of the Standing Finance Committee of the House on March 2, at Gordon House.
The initiative targets all Jamaican citizens 75 years and older who are not currently in receipt of a pension (overseas or local) or any other retirement, old-age or disability benefit or regular income, and are not living in a government institutionalised care facility.
“We are evaluating the manner in which we qualify persons to go on the programme. This is a discussion we will have to have, as some people fall through the cracks simply because they might have a refrigerator, or they might be lucky enough to have a television at home,” Mr. Samuda said.
“The direction in which we are heading, to have those things, does not move you from poverty to prosperity. So, the Government has an obligation to do everything possible to improve their quality of life, and so we will be looking at that,” the Minister added.
Mr. Samuda said between March 2022 and January 2023, the programme disbursed $446 million.
To register for the social pension programme, persons may visit any of the Ministry’s parish offices islandwide.
They will be required to complete a social pension application form, accompanied by their Tax Registration Number (TRN), National Insurance Scheme (NIS) card, and proof of age in the form of a birth certificate or a valid passport.
They should also take along a valid identification (ID), such as a driver’s licence, passport or voter’s ID, proof of bank account and any other document that may be required to process the application, for example, proof of citizenship.
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