TURKS&CAICOS ISLANDS-ECONOMY-Britain agrees no VAT for TCI

PROVIDENCIALES, Turks and CAICOS Islands, CMC – Britain says it will not impose a Value Added Tax (VAT) in the Turks and Caicos Islands (TCI) after both the government and the opposition said they were against the tax measure. Foreign and Commonwealth Minister with responsibility for the Caribbean, Mark Simmonds, in a letter to Premier Dr. Rufus Ewing, however indicated that London is of the view that the TCI government has a responsibility to ensure sound finances in the British Overseas Territory. “This includes constraining expenditure within the legally binding fiscal framework which is now in place and being able to refinance its debts in 2016 without a further UK Government loan guarantee.”