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uk has fight on its hands over plans to introduce

By International Adviser, 26 Jun 12

The British Government has a major battle on its hands over plans to introduce VAT in the Turks and Caicos islands, according to a new association set up by business representatives from the British Overseas Territory.

The British Government has a major battle on its hands over plans to introduce VAT in the Turks and Caicos islands, according to a new association set up by business representatives from the British Overseas Territory.

Plans to introduce Value Added Tax in the territory were announced by UK chancellor George Osborne as part of the Budget in March this year.

However, there is substantial opposition to the move and a new organisation, The Turks and Caicos Independent Business Council (TCIBC) led by prominent businessman and QC Clive Stanbrook, has been established to fight the plans.

In a statement released late yesterday, Stanbrook said: “We are sending a clear message to the British Government. It is the view of virtually the entire business community in the Turks and Caicos that a VAT tax 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.”

The statement added that, as business professionals the group “does not have a problem with taxation” and the “need to fund government”, but does have a “major problem with the particular type of tax and its inappropriate nature for theses specific islands”.

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.