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Finance

Domestic Investors get 100% Duty Free Concessions

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Dana Malcolm 

Staff Writer 

 

#TurksandCaicos, December 21, 2023 – Incentives designed to encourage the creation and growth of Micro Small and Medium Enterprises are included in the revamped National Investment Policy and it means a slew of duty free concessions for home grown investors, according to Angela Musgrove, CEO of the Invest TCI.

“We are going to promote domestic investment and give support to domestic investors,” said Angela Musgrove, CEO of Invest TCI.

As for what that looks like in tangible benefits:

  • 100 percent duty exemption for family island projects;
  • 100 percent duty exemption for 100 percent TC Islander-owned projects across the board;
  • Expedited work permits and licenses  for TC Islander projects;
  • Caps on work permits in certain areas;
  • Increased duty exemption on capital transfer (100 percent in specialty areas) and;
  • 100 percent exemption on housing projects.

A national linkages program is also in development to make sure that money trickles down to locally owned companies of all sizes.

“We have actually given a bit more ‘teeth’ to ensuring that MSMEs are able to benefit from Foreign Direct Investment through the Investment Policy Amendment. We want to create stronger connections and synergies to optimize the positive spillover effects from investments in the local economy,” Musgrove explained.

The CEO maintained that the country was committed to protecting its incredible array of entrepreneurs. Local Businesses range from distilleries to fat loss clinics, ice cream parlors, cigar rollers, media companies, textile manufacturers,  industrial services and more.

“A favorable environment is key to nurturing entrepreneurship– by creating an ecosystem that supports local business we want to unlock the full potential and help them to create overall economic benefit.”

In its report on the policy, Invest TCI, which is the investment branch of the government informs that the policy is now available at their website, and is “designed to reflect a shared vision for developing the Turks and Caicos Islands, aligning with the UNCTAD Investment Policy Framework, the 2017 National Skills Audit, and the Vision 2040 document.”

Attending the launch, held at the Wymara Resort in Providenciales, were: Hon. E. Jay Saunders, Deputy Premier and Minister of Finance, Investment & Trade of the Turks & Caicos Islands; Chairlady of Invest TCI, Ms. Cindy Ewing; Deputy Chairman of Invest TCI; Mr. Walter Gardiner Jr., government officials, stakeholders, and Invest TCI staff.

“Key considerations within the investment policy include increased incentives for Turks and Caicos Islander owned investment projects, enhanced incentives for sector and location specific projects, a $10 million threshold for incentivizing Foreign Direct Investment projects, a national linkages program to strengthen the local private sector, incorporation of the Sustainable Development Goals, collaboration forums for potential investment projects, and the promotion of public-private dialogue.”

Finance

TCIG launches Financial Assistance Programme

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Turks and Caicos, September 20, 2024 – The Turks and Caicos Islands Government wishes to advise that the portal for the (Senior Citizens) Financial Assistance Programme (FAP) is opened.

To receive the Financial Assistance Programme payment, you must meet the following eligibility criteria:

  1. Be receiving a pension that is below $1,000.00 per month from one or multiple sources or is receiving no pension at all.
  2. Be a Turks and Caicos Islander or a British Overseas Territory Citizen.

III.      Have attained the age of seventy (70) years old.

  1. Be ordinarily resident in the Turks and Caicos Islands for the last 5 (five) years.

Applicants should have a completed and signed affidavit verifying their residency and sources of pensions ready to upload into the portal.  However, if you have not received the affidavit, you may download one from within the portal, complete it, and have it signed by a Justice of the Peace. Without this affidavit, the FAP cannot be processed.

If applicants receive pensions from multiple sources, and the aggregate benefit is less than $1,000.00, then documentation should be uploaded for each source other than the National Insurance Board (NIB).

If the applicant’s pension from multiple sources exceeds $1,000.00, the applicant is ineligible for the FAP.  An application with an aggregate pension of more than $1,000.00 will be denied.

For the first phase of the FAP, the applicant will receive an email originating from the portal using the email address that was provided during the Citizen’s Inflation Relief Stimulus. The email will provide instructions for the use of the portal, including uploading of the relevant document(s).

First phase pensioner’s information is already in the database but may need updating. If there is a need to update, the applicant will be contacted via the same email to do so.

If you haven’t received an email to the known address, check your junk and clutter folders to ensure that it was not lodged there.  Eligible persons who have not received an email will have an opportunity to apply in phase two, which will follow shortly thereafter.

Once you open the portal, you will be required to enter your date of birth which will give you access to another window and form to be completed.

If you are having problems with your submission email us at: tciassistance@gov.tc

Portal Opens:       Thursday, 19 September 2024 at 11:59pm

Portal Closes:       Thursday, 26 September 2024 at 11:59 pm

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Finance

The escalating cost of living in the Turks and Caicos Islands

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Cheers!

Ed Forbes 

 

Turks and Caicos, August 22, 2024 – Without a doubt, these are very extraordinary times in the lives of our people in the Turks and Caicos Islands. The economic impact and  inequality between the different Islands has drawn huge differences between those who can afford to continue thriving, and those who are barely making it.

Therefore, we need to take extraordinary measures to move beyond the suffering left by the pandemic, such as looking at the escalating cost of food prices and start with making provisions to alleviate this strain.

In my opinion, it should remain high on the priority list of this administration’s agenda, along with the other competing issues.

Currently, the minimum wage in TCI is $8 per hour, which is over a 20 percent increase within the past three years. Despite the increase, it has done very little to match the rising cost of inflation and is incomprehensible.

Unlike many of the other Caribbean islands, with the exception of seafood, practically all other consumable goods are imported and the service industry dominates the job market.

Is it time to raise the minimum wage again? There are several benefits to higher minimum wage. As a matter of fact, many experts have said it will help create jobs and grow the economy. The declining value of the current minimum wage in these islands is one of the primary causes of wage inequality, especially when the price of groceries continues to increase.

There is also a huge wage disparity between low- and middle-income workers; and that’s the majority of Turks Islanders. I’m inclined to believe if you were to poll TI’s, a large majority will support increasing the minimum wage again.

Income in these islands is a major determinant factor when it comes to the quality of life affecting the health and well-being of individuals and families.

This varies by social factors such as age and ethnicity. Medical experts have concluded over the years that the impact can also lead to obesity and other health related issues.

Although there is a minimum wage law in TCI, due to the  long-held traditions, you will find that it is not uncommon for some employers to still pay employees what they feel the job is worth.

As a small business owner myself, I realized that it could be difficult at times putting payroll together at the end of the week, but paying employees a fair wage is the right thing to do.

Many opponents may say given the economic challenges we are faced with, their businesses cannot afford to pay employees more, or will be forced to reduce hiring. I beg to differ, as there is never a perfect timing. As a matter of fact, it could further increase productivity in the long run.

Perhaps, if low-income workers earned more money, their dependence on working two jobs may be reduced, thereby creating more opportunities in the job market.

Being forced to work two jobs to make ends meet, could be very taxing on families especially those with children. In some cases, it could be contributing to the delinquency of our youth due to the lack of two fulltime parental homes.

Prior to the pandemic, improvements in productivity and economic growth in this country have outpaced increases in the minimum wage and housing affordability.

The current minimum wage as it stands, has not kept up with worldwide inflation.

Grocery stores prices are normally one of the tell tale signs for rising inflation. Although price increases are usually “transitory” in nature, this wave of increases appears to sticking around for far to long.

Monopolies can raise prices and keep them high, because they don’t face enough competition charging lower prices and pulling consumers away.

For example, the cost of a gallon of low fat milk in Grand Turk in literally $8-$10 plus, unless on sale, and probably higher is a few of the sister islands.

What that means is, you would literally have to work almost 2 hrs to afford a gallon of milk, that’s insane. Eating healthy is a choice, but with these prices, it could be very difficult for some working families to choose.

As pointed out by a team of International Election Experts who visited the islands in 2021, the eligible voters population in TI is approximately 8581, with an estimated population of about 45K to 50K. Now ponder this for a moment.

This data paints a disturbing picture, and it leaves one to wonder whether or not these chain grocery stores are catering to the working class in terms of affordability and income levels, or are the prices being driven by the high-end targeted population.

With that being said, don’t expect the prices of groceries to get lower anytime soon or get back to pre-pandemic levels. This makes it unsustainable for a minimum wage worker and many marginalized families.

To be quite frank, I think it’s about time the government require big corporations or publicly traded companies to disclose more about their costs and pricing strategies. These big corporations have enough monopoly power in the islands to keep prices high.

Despite government efforts to reduce the import duties on the “ bread basket items”, what we lack in this country is price control and worker protection. At some point it will have to be addressed in order to slow the widening gap of class disparity.

In order for the government to truly protect the interest of the people, it must regulate businesses in a way that supports the ability of ordinary Turks Islanders to prosper. When it’s all said and done, it must start with price control and enforcement of any signs of price gouging.

Of course, the upcoming election will also hinge on some of these issues. When consumer sentiment and confidence are trending down or upwards, it will weight heavily on the minds of the people.

Henceforth, it’s high time we have a call to action on this initiative. Although it may be an inflated expectation, hopefully this government with take a pragmatic approach to this matter, while balancing it with the economic needs of the country.

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Caribbean News

Two Islands benefit from CARPHA donations in aftermath of Hurricane Beryl

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Garfield Ekon

Staff Writer

 

 

August 14, 2024 – In response to dislocations caused by Hurricane Beryl, in sections of Grenada, St. Vincent and the Grenadines, the Caribbean Public Health Agency (CARPHA) has donated essential public health supplies to assist in improving hygiene, sanitation, and the prevention and control of vector-borne and other infectious diseases.

Hurricane Beryl which made landfall in the Caribbean as a Category 4 Hurricane on July 1, 2024, impacted lives and livelihoods, resulting in fatalities and injuries.  It caused unprecedented damage, with many homes being destroyed and critical infrastructure including healthcare facilities severely damaged.

“Post-disaster health consequences of heavy rains, floods, and large numbers of displaced persons in shelters, increase the likelihood of infectious disease spread; food, water, and vector-borne diseases; mental health issues; and a strain on health systems. CARPHA’s public health response included rapid needs assessment, laboratory, surveillance and response, prevention and control of infectious diseases, health and safety promotional materials, and shelter surveillance tools,” said Dr Lisa Indar, Ad Interim Executive Director at CARPHA.

With funding through the Pandemic Fund grant, CARPHA procured essential public health supplies to prevent and/or reduce disease outbreaks in the impacted countries. This first tranche of the donation included nitrite gloves, non-woven gowns, Respiratory Syncytial Virus (RSV) Test kits, insect repellents, vector control products, rehydration salts, and chlorhexidine gluconate.

The supplies were received by Grenada’s Health Minister, Philip Telesford, who expressed appreciation for the donation and acknowledged CARPHA’s leadership.

“I express my profound gratitude to the leadership of CARPHA for the generous donation. The medical supplies including mosquito repellents which we know are very useful at this time as we grapple with the challenge of the proliferation of mosquitoes. The mosquito repellents that we are receiving along with this shipment are indeed very timely,” Minister Telesford said.

In addition to the donation, CARPHA produced promotional material which addressed post-hurricane health and safety measures for distribution in the affected islands. CARPHA Shelter Surveillance Guidelines, and Guidelines for Portable Toilets, have also been shared with health, and emergency response officials.

CARPHA’s mandate includes public health response to emergencies, and as such it remains committed to working with the Caribbean Disaster Emergency Management Agency (CDEMA), and other regional and international agencies to support the health response to the hurricane-affected Member States.

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