![]() ![]() If, for example, TCIG were to charge an additional 10 percent on all of the money that left the Turks and Caicos Islands through those three agencies over the past 15 months, it would have collected just over $9million.Īs it now stands, Government collects ten percent of whatever it costs to send money out of the country via Western Union, CAM and MoneyGram. The controversial Payroll Tax, which was about to be introduced a few weeks ago but was aborted after it engendered harsh criticism from an outraged public and failed to garner bi-partisan and national support, was expected to raise $5million a year. *Dominican Republic natives - $3.9 millionĪ further analysis of the figures revealed that an average of $18.8 million has been leaving the Turks and Caicos Islands every quarter (three months) through those institutions alone.įinancial analysts believe that at a time when the Turks and Caicos Islands Government continues to tinker and experiment with the introduction of various forms of direct and indirect taxation, it is evident that the money transfer sector would be a prime source from which the Ministry of Finance can easily secure much-needed additional revenue. The figures showed that between January and March of 2014 (the first quarter), $19.4million left the country. * followed by Dominican Republic natives ($16.2 million), Most of the money the money that left the country last year was sent by: The FSC's website only provides information from three institutions: CAM, NCS eMoney Services (which operates as MoneyGram) and The Money Centre by Fidelity, which is also known as Western Union.įor the whole of the year 2013, some $74.9 million was sent out of the TCI through those three institutions an average of $6.2 million per month. ![]() However, the actual amount of money which left this country over that period is significantly more than the above, because figures compiled by the Financial Services Commission (FSC) do not include the millions estimated to have been sent out by wire transfers and drafts through commercial banks and other financial institutions whose transactions are more substantial. $74 million sent out of the country last yearĪt least $94 million was sent out of the Turks and Caicos Islands over the last 15 months, mainly by natives of Haiti, Dominican Republic, Jamaica, the Philippines and the United States of America, The Bahamas, Canada and the United Kingdom, according to documents obtained by The SUN.
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