| Forum, Stanley nix water tax | | Print | |
| Written by Richard Green/richard@fptci.com | |||
| Friday, 02 September 2011 09:59 | |||
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Heeding strong objections of the Consultative Forum, acting Gov. Martin Stanley announced Sept. 1 that he would not be imposing a tax on water at this time. The tax on water use of more than 3,000 gallons a month drew fire from nearly every member of the forum at its Aug. 30 meeting. The measure would exempt the government, hospital operator InterHealth Canada, agriculture and seafood plants from the tax. “Enough is enough,” said Rev. Courtney Missick. “This is one more expense parents simply can’t afford,” said Karen Delancy. “I don’t think you should tax water at all,” said John Phillips. The interim government says new taxes are necessary to pay the country’s expenses until value added taxes are introduced in March 2013, but several members complained that many in the country can’t afford the new taxes. “We are hurting people,” said Dr. Linda Williams. “There are very few people who can readily take care of their financial obligations in the Turks and Caicos. There are some who are still able to maintain their lifestyle, but that’s a very, very few.” “I am disturbed by the way we are seeking to improve finances, and it traces back to this commitment with Her Majesty’s government to meet a milestone.” She said imposing the requirement that the government’s budget produces a surplus by 2012-13 before government is returned to elected officials is “unrealistic, a burden and it’s unfair.” “I think that it is just too much to be throwing at us all at the same time,” Williams said. “We must take our time to get there.” Permanent Secretary of Finance Delton Jones said the milestone of a surplus budget is a goal, and that the U.K. wants good progress towards it, not that it must be reached before elections are held. The forum also refused to recommend adoption of new taxes on financial services, in part because of the definition of the transactions that would be subjected to the tax and to the exemption of the international financial sector. Phillips objected to some financial service fees that he believed could drive large business accounts from the TCI and hurt that source of revenue. “I just think we have to protect the offshore industry,” he said. “Given the importance of this potential revenue source, I asked officials to make changes to the bill to address the issues raised by the forum, as well as the Advisory Council,” Stanley said. “They have now done so. I have therefore taken a decision that it would be in the best in of the islands for me to assent to the Financial Services Sales Tax, with appropriate revisions, to come into effect on Sept. 12.” The tax is projected to raised $1.5 million this financial year. The forum did recommend the introduction of a new tax on premiums for insurance policies other than medical and life that is projected to raise $1.2 million this year. “I will therefore make arrangements of this tax to be introduced on Sept. 12,” Stanley said. A bill to change regulations on taxis and on what transportation services resorts and hotels can offer underwent further review and modification, and a vote was postponed until the forum’s next meeting.
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