| Revenue study on schedule | | Print | |
| Written by Richard Green/richard@fptci.com | |||
| Thursday, 27 January 2011 12:55 | |||
 A study commissioned by the interim government to improve government revenue with taxes and fees is on schedule for consultation with stakeholders in February, says His Excellency the Gov. Gordon Wetherell. “We expect early next month to be able to move to a phase of consultation with different stakeholders on ideas for the future,” Wetherell said at a press conference Jan. 26 during a break in a meeting with his Advisory Council. “Those will then come forward to the Advisory Council and the Consultative Forum.” “We would like to have a package in place in time for the budget, which is also due by the end of March,” he said. Consultants and the government have been studying a new revenue strategy that will consider valued added taxes, property taxes and excise taxes. Also under study will be work permit and national insurance collection systems, and government fees and charges. “There are a number of aspects to this, including the finalization of the refinancing package which the Ministry of Finance and others are negotiating pursuant to the statement of the Secretary of State for International Development on the first of June of putting together a package of financial support for the TCI, conditional however on being able to balance our budget within a three-year perspective.” “They’re interlinked, and we need to find a way which has implications for expenditure and revenue of bringing the budget into balance over a period of time,” the governor said. The U.K. Department of International Development (DIFD) will loan money to the TCI with the stipulation that the country balances its budget within three years. As a requirement, DIFD chose new TCI Chief Financial Officer Caroline Gardner to oversee the process. Gardner is working with revenue study consultants funded by the European Union to examine the impact of new revenue streams on the economy and on the government finances. In other developments affecting the economy, the governor said the Advisory Council was meeting Wednesday to discuss ways to encourage a proposed Hyatt-managed Andaz resort on the southern coast of Providenciales. “We had a good discussion with the developers this morning and sort of clarifying the basis on which the project might go ahead and the government’s role in it,” the governor said. “As a result of that, I think we’ve come up with some ideas that TCInvest can take forward with the project.” Hyatt has signed a deal to manage the 170-unit resort on 21 acres on Cooper Jack Bay on the southern coast of Providenciales. It is proposed to feature restaurants, pool, spa and fitness centre, and is slated to open in 2014.
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