Sept. 19, 2013 Office of the Premier Press Release – The Turks and Caicos Islands is one among several of the Overseas Territories rejoicing at the declaration made by UK Prime Minister, David Cameron. During the recent sitting of the House of Commons, Minister Cameron strongly defended the Overseas Territories, stating, “I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as Tax Havens.”
The Prime Minister further acknowledged the steps that the majority of the Territories have taken to ensure that they are compliant and to demonstrate their commitment to operating a fair and transparent tax system. Minister Cameron further suggested that the Overseas Territories and Crown Dependencies matter a lot to the British People and that our efforts should be defended by the UK Government.
In a joint statement released by the Leaders of the Overseas Territories, the Premier, Dr. Hon. Rufus Ewing publicly demonstrated to the world that we, the Turks and Caicos Islands, fully concur with Minister Cameron’s statement and we are pleased that we are finally being recognized for our efforts to ensure that we are a well regulated and compliant jurisdiction and that the Turks and Caicos Islands is not a tax haven.
Premier Ewing commented, “The Turks and Caicos Islands, along with other Overseas Territories made the commitment several months ago to join in the efforts to ensure that we have a robust, open and fax tax system that would thwart tax evaders and discourage the activities of money launderers and other financial crimes. We fully concur with Minister Cameron’s statement and we want the world to know that the Turks and Caicos Islands is not a tax haven and investors can come and do business here with the confidence that we have a safe, compliant and well regulated Financial Services Center.”
In June of this year, Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Anguilla, Montserrat, the Turks and Caicos Islands, Jersey, Guernsey and the Isle of Man agreed to the reform of their Financial sectors to internationally recognized and accepted Global Standards by signing up to the Multilateral Convention on Mutual Assistance in Tax Matters, an initiative led by the Organization for Economic Cooperation and Development (OECD).