Bilateral Meeting with EU Code of Conduct Group and TCI

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp#TurksandCaicos, February 27, 2018 – Providenciales – The Hon. Premier – Mrs. Sharlene Cartwright Robinson convene a special meeting with the Code of Conduct Group on Monday 19th, February 2018 to have bilateral talks with the COCG who has responsibility for evaluating countries compliant standing.  The meeting was held as a result of standard communications received from the Secretariat of the COCG relating the EU Screening and Evaluation Process.Member States of the European Union collectively agrees to published a list of non-cooperative jurisdictions for tax purposes. Any country failing to meet the standard for international cooperation defined by the Code of Conduct Group – Business Taxation is deemed to be non-complaint and is placed on the EU Blacklist of non-cooperative jurisdictions.Turks and Caicos Islands assessment for 2017 was deferred due to the storms of 2017 (Hurricanes Irma and Maria) but still require to have in place, and to commit by the end of 2018 to have implement the three (3) fundamental requirements of the EU compliant standard criteria.Tax transparencyFair TaxationImplementation of anti-BEPS measuresCriteria 1 and 3 have meet the standard and is in place via the various automatic reporting of financial accounts information carried out by CRS – Common Reporting Standard.  The absence of a direct taxation reporting regime gives the appearance of preferential treatment for companies to set up offshore structures or arrangements aimed at attracting profits which do not reflect real economic activity in the jurisdiction.Despite sharing Turks and Caicos Islands taxation regime, the fair taxation criteria is the most critical concern to the COCG evaluation and screening exercise.  All jurisdictions with offshore financial services businesses are affected by this criteria, and have to present strategies of how their jurisdictions are proposing to addressed this concern.Turks and Caicos Islands discussions with the Code of Conduct Group on the fair taxation criteria concern was very fruitful and promising with further dialogue to continue with a view to satisfying the COCG requirements.  This does not call for the imposition of direct taxation.Premier Robinson commenting on the Meeting stated “I was pleased for TCI to have been able to have an audience in this way with the COCG on this important issue.  I was even more pleased to be able to demonstrate to the representatives the important partnership between the public and private sector and our joint commitment to comply with international standards.  It was a great opportunity to enlighten the members of TCI’s position even ahead of our official response to the Questionnaire.  The Ministry of Finance along with several key stakeholder departments will continue to lead collaboratively and we are committed to ensuring that TCI is not blacklisted”.Photo Caption: TCI Delegation: Hon. Premier – Mrs. Sharlene Cartwright – Robinson, P/S Finance – Mrs. Athenee Harvey   – Basden, Director EOI Unit – Mr. Henry Saunders, London Rep – Ms. Tracy Knight & TCI Private Sector Rep – Mr. David Stewart. Facebook Twitter Google+LinkedInPinterestWhatsApp Hon Sharlene L Cartwright RobinsonPremier & Minister of FinanceThe Turks and Caicos Islandscenter_img Related Items:last_img

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