| Developers not reporting on duty, tax concessions | | Print | |
| Written by Richard Green/richard@fptci.com | |||
| Thursday, 17 May 2012 10:20 | |||
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Developments in the Turks and Caicos Islands that have been granted millions of dollars in concessions on duties and taxes have not been filing their required annual reports. His Excellency the Gov. Ric Todd said developers with concession agreements have until June 10 to file written reports with certified and authenticated statements for April 1, 2010, through March 31, 2012. In a press statement May 11, the governor cited Section 11 of the Encouragement of Development Ordinance: “A developer shall in every year during the tax exemption period, on a date to be specified by the governor, submit to the governor a report in writing on the conduct and the progress of the development enterprise together with a statement giving full particulars of all capital expended on the development enterprise and showing how this capital has been depreciated during the year or part thereof covered and if so required, such statement shall be duly certified and authenticated.” The fp asked the governor’s office how many development concessions are currently required to file, how many have not file as required, and why the requirement for reports has not been enforced. There was no response at press time May 16.
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