Providenciales, Turks and Caicos Islands (PRWEB) September 28, 2012
The TCIBC urge members of the business community, political leaders, and citizens to study the figures and make up their own minds. A full response to the TCIG claims and accompanying spreadsheets are available for download from the TCIBC website at
"The TCIBC has continually asked TCIG for accurate information and supporting evidence that VAT is the best route forward for revenue collection in TCI. In response the people of the TCI have been given misinformation, misleading figures and a lack of any supporting financial modeling to support the TCIG claims that VAT will work" said Clive Stanbrook, Queen’s Counsel and Chairman of the TCIBC.
Whilst the TCIBC does not have a problem with taxation and recognizes the need to fund government, it is deeply concerned about the expected negative effects of the hasty introduction of VAT into the island’s tax structure.
The TCIBC's position is that VAT is inappropriate for Turks and Caicos and its unique economy at this point in its young development. The TCIBC believes that the recent gains in economic sustainability will be lost with the imposition of this "boiler plate", cookie cutter tax system.
This new VAT tax is not driven by a "grass roots" initiative in the islands, but is a politically driven tax imposed upon them by distant bureaucrats based in Europe without effective due process and regard to our specific economy and its future development. One size does not fit all.
“We repeat our message to the TCIG, FCO and the British Government that it is the view of virtually the entire business community in the Turks and Caicos that a Value Added Tax (VAT) is inappropriate, costly, cumbersome and unnecessary at this stage in the development of these Islands. In the short term it is clear that the existing taxation systems can be relied upon to raise such extra revenue as may be needed. " said Clive Stanbrook, Queen’s Counsel and Chairman of the TCIBC.
TCIBC calls upon the TCIG to stop treating the business community of TCI with disdain and engage the people of the TCI in a meaningful dialogue concerning the economic future of these islands.
For further information contact
Executive Committee TCIBC