IRS NOTICE 2017-46

Published

5 years ago

June 18, 2019

#Providenciales, June 18, 2019 – Turks and Caicos – On September 25, 2017, the IRS issued Notice 2017-46 which provided for the following:

Addressed Financial Institutions’ (“FIs”) obligations to obtain and report taxpayer identification numbers (“TINs”) and dates of birth (“DOB”) under chapters 3 and 4 of the Internal Revenue Code;
Extension of the deadlines imposed on FIs under Model 1 Intergovernmental Agreements (“IGAs”); and
Chapter 3 and 4 final and temporary regulations released January 6, 2017.

U.S. TIN and DOB Reporting

Under the Model 1 IGAs, Foreign FIs (“FFIs”) are required to obtain and report U.S. TINs for all reportable account holders and controlling persons.
For tax year 2017, an FFI failing to include a reportable person’s U.S. TIN would be considered significant non-compliance, triggering a notice from the IRS to the FFI’s tax authority.
Where an FFI is non-compliant for 18 months after the issuance of a notification, that FFI would be classified as a nonparticipating FFI and would be subject to FATCA withholding.
An extension is provided to FFIs that have been unable to obtain TINs, allowing them to not be deemed as non-compliant solely because they file tax year 2017, 2018, and 2019 FATCA reports without TINs.
Where an FFI is unable to obtain TINs, they will be required to undertake the following:
- Obtain and report the DOB of each reportable account holder and controlling person missing a TIN;
- Request annually any missing TIN from such persons; and
- Undertake a search of electronically searchable data maintained by the FFI for the missing TINs prior to the submission of tax year 2017 reports.

Withholding Certificate Validity: Foreign TIN and DOB Requirements

The following amendments will be made by the IRS and Treasury Department: the temporary chapter 3 regulations:

The circumstances in which Foreign TINs and DOBs are required for Global Financial Services Industry will be narrowed;
Clarification of the definition of “account holder,” “account,” and “financial institution” under the temporary regulations to align with their meaning under the chapter 4 regulations;
A Foreign TIN or DOB will not be required where a withholding certificate is obtained solely to avoid Form 1099 reporting and backup withholding;
The requirement that any account held by a resident in a jurisdiction that does not have an information exchange agreement with the U.S will be excluded from the Foreign TIN;
There will also be an exception for accounts held by residents in jurisdictions that do not issue Foreign TINs. The current list is limited to Bermuda, the British Virgin Islands, and the Cayman Islands;
A phase-in period has been provided through December 31, 2019, to provide withholding agents additional time to obtain Foreign TINs. Withholding certificates signed on or after January 1, 2018, the Foreign TIN— or a reasonable explanation for its absence—must be present on the form. Such Foreign TINs are not required to be validated against any jurisdiction’s format or TIN system provided the withholding agent does not have a reason to know it is invalid;

A withholding certificate signed before January 1, 2018, will not be treated as invalid under the amended temporary regulations solely because of a missing Foreign TIN;
Payments made before January 1, 2018, a Foreign TIN is not required, and the withholding certificates will be valid until the earlier of “(1) December 31, 2019; (2) the expiration date of the validity period of the withholding certificate [if applicable]; or (3) if applicable, the date when a change in circumstances requiring a revised withholding certificate occurs.”;
A withholding certificate will remain valid beyond December 31, 2019, if the withholding agent obtains a written record of the Foreign TIN or if the Foreign TIN is otherwise within the withholding agent’s files.

Form 1042-S Reporting

Form 1042-S will be amended to provid instructions to require Foreign TINs to be reported for tax year 2018 and beyond where they are available, either from withholding certificates or the alternative procedures outlined above for obtaining Foreign TINs;
For tax year 2017, the instructions will be amended to require DOB reporting in instances where the individual account holder’s DOB is available on the withholding certificate or within the withholding agent’s electronically searchable information;
For tax year 2018 and beyond, the DOB will be required if it is identified in any of the withholding agent’s files, whether electronically stored or otherwise.

This Notice in its entirety can be viewed on the Internal Revenue Service website at https://www.irs.gov/pub/irs-drop/n-17-46.pdf.

Signage regarding Prohibition of Jet skis in Protected Areas

Published

1 day ago

April 30, 2024

Deandrea Hamilton

South Side Jet-ski Buoy

Providenciales, Tuesday 30 April, 2024 – The Department of Environment and Coastsal Resources (DECR) would like to make all jetski operators, jetski owners, jetski users, watersports operators, tour guides, and the public aware of ‘No jetski’ buoys that have been installed within the Princess Alexandra Land and Sea National Park and Nature Reserve.

Additional buoys will continue to be deployed and are strategically positioned along the perimeter of protected areas, serving as a clear boundary beyond which jet skis are not permitted. All jet ski users are to heed that jet skis are strictly prohibited within all protected areas in the Turks and Caicos Islands, in accordance with the National Park Ordinance (11 of 1975):

Section 3(1) Prohibitions and permitted activities within all National Parks

(g) Jet skis and hovercraft

Section 3(2) Prohibitions and permitted activities within all Nature Reserves

(f) Water skiing, jet skis or hovercraft

Section 3(3) Prohibitions and permitted activities within all Sanctuaries

Water skiing, jet skis or hovercraft

Emerald Point Buoy

Section 3(4) Prohibitions and permitted activities within all Areas of Historical Interest

(g) Water skiing, jet skis or hovercraft

A person contravening these regulations commits an offense and is liable on summary conviction to a fine of between $5,000 and $50,000 or a term of imprisonment, or both, as per Section 13 of the National Park Ordinance.

The accompanying map delineates the protected areas (highlighted in red) and indicates the placement of the buoys. It should be emphasized that the regions shaded in red signify areas where jet skis are not prohibited.

Should you require further clarity, please contact the DECR at (649)338-4170 or email environment@gov.tc

Government

RECENT CHARGES AGAINST US NATIONALS FOR POSSESSION OF AMMUNITION OFFENCES

Published

3 days ago

April 29, 2024

Shanieka

The Turks and Caicos Islands Government cannot comment on ongoing legal cases before the courts but confirms the following four (4) US nationals have been charged for possession of ammunition offences against the Firearms Ordinance (as amended).

MICHAEL LEE EVANS, 72, of Texas, pled guilty to possession of seven (7) 9mm rounds of ammunition. Appeared before the court on Wednesday, 24th April 2024, via video conference link. Currently on bail, with sentencing hearing adjourned to June 18th, 2024.
BRYAN HAGERICH, Pennsylvania, pled guilty to possession of twenty rounds of ammunition (rifle rounds). Currently on bail. Scheduled to reappear in court on May 3rd, 2024.
TYLER SCOTT WENRICH, 31, of Virginia, is currently remanded at the Department of Corrections and Rehabilitation (Grand Turk). He is charged with possession of two (2) 9mm rounds. He has not applied for bail.
RYAN TYLER WATSON, 40, of Oklahoma, currently on bail, charged with possession of four (4) rounds of ammunition. Appeared in court on April 24th, 2024. The matter was adjourned to June 7th, 2024

Persons in the Turks and Caicos Islands do not have a constitutional right to carry firearms. The Turks and Caicos Islands welcomes all visitors but reminds travellers that the importation of firearms, ammunition (including stray bullets), and other weapons is strictly forbidden unless licence to do so has been issued by the Commissioner of Police.

The Turks and Caicos Islands have clear laws against the possession of firearms and or ammunition and strict penalties in order to serve and protect the community. Firearm and or ammunition offences carry a mandatory minimum custodial sentence of twelve years plus a fine. An Attorney General’s Reference to the Court of Appeal certified that where a court finds there are exceptional circumstances, the sentencing judge has discretion to impose a custodial sentence (less than the twelve years) and a fine that are fair and just in the circumstances of each case. The Turks and Caicos Islands is a British Overseas Territory with a common law legal system.

Travellers are strongly advised to search their luggage before they travel to the Turks and Caicos Islands to ensure they do not bring in forbidden items inadvertently. The Turks and Caicos Islands reserves the right to enforce its legislation and all visitors must follow its law enforcement procedures.

The Transportation Security Administration screening in the United States may not identify ammunition in a traveller’s baggage; it is the traveller’s responsibility to ensure their baggage is free of ammunition and/or firearms. Permission from an airline carrier does not constitute permission to bring firearms or ammunition into the Turks and Caicos Islands and will result in arrest.

Health

Increased cases of Chicken Pox Prompts Ministry of Health and Human Services Response

Published

5 days ago

April 27, 2024

Shanieka

PRESS RELEASE

MINISTRY OF HEALTH & HUMAN SERVICES

Providenciales, Turks and Caicos Islands, 25 April 2024 – The Ministry of Health and Human Services is issuing a public advisory regarding a recent increase in chicken pox cases, particularly within school communities in the regions of Grand Turk and Providenciales. The Ministry is actively monitoring the situation and is working closely with affected schools to provide support and education aimed at preventing further spread of the virus.

Chicken pox, caused by the varicella-zoster virus, is a highly contagious infection characterized by a distinctive rash of itchy red spots or blisters. Transmission occurs via droplets, aerosols, or direct contact with respiratory secretions, and almost always produces clinical disease in susceptible individuals. While mostly a mild disorder in childhood, varicella tends to be more severe in adults. It may be fatal, especially in neonates and in immunocompromised persons. The Ministry urges parents, teachers, and the general public to remain vigilant and familiarize themselves with the signs and symptoms of chicken pox, which may include:

Rash: The primary symptom of chicken pox is a rash that typically begins as small red spots, which then develop into fluid-filled blisters over several days.
Fever: Children with chicken pox may experience a mild to moderate fever, often preceding the appearance of the rash.
Fatigue: Some individuals may feel generally unwell, tired, or lethargic.
Loss of Appetite: A decreased desire to eat may accompany other symptoms of chicken pox.

Management aims to relieve symptoms and reduce the risk of complications and may include:

drinking plenty of fluid (try popsicles if your child is not drinking) to avoid dehydration.
taking paracetamol to help with pain and discomfort.
cut your child’s fingernails and put socks on their hands at night to stop them scratching.
use cooling creams or gels e.g. Calamine lotion
speak to your health care provider about using antihistamine medicine to help itching.
bathe in cool water and pat the skin dry (do not rub)
dress in loose clothes.

do not use ibuprofen unless advised to do so by a doctor, as it may cause serious skin infections.
do not give aspirin to children under 16.
do not go near newborn babies, or anyone who is pregnant or has a weakened immune system, as chickenpox can be dangerous for them.
do not scratch the spots, as scratching can cause scarring.

To mitigate the spread of chicken pox within schools and communities, the Ministry emphasizes the importance of practicing good hygiene habits, including frequent handwashing with soap and water, covering coughs and sneezes with a tissue or elbow, and avoiding close contact with infected individuals.

In the event that a child exhibits symptoms of chicken pox, parents and caregivers are advised to keep them at home and seek medical attention promptly. A sick leave for a period of 14 days is usually given. After the 14 day sick leave period, the individual must return to the physician or the public health nurse at one of the primary care clinics to obtain a fit for work or school certificate allowing them re-entry back into school or work. Anyone returning earlier than this time or without this certificate should not be allowed in school so as to prevent spread to other children. Additionally, it is crucial to inform school authorities to prevent further transmission among classmates and staff.

The Ministry of Health and Human Services is committed to ensuring the health and well-being of all citizens, and will continue to work diligently to address this current situation. For further information and guidance on chicken pox prevention and management, please visit Turks and Caicos Islands Ministry of Health and Human Services Facebook page at https://www.facebook.com/tciministryofhealth/.