Above: Emerald Cay
By the Caribbean Journal staff
The government of Turks and Caicos has been awarded a judgment of $9.29 million involving the Emerald Cay private island property, following a ruling by Chief Justice Edwin Goldsborough yesterday.
The judgment, which was awarded against Emerald Cay Limited and Worldwide Commercial Properties Limited, arose out of underpayment of Stamp Duty on the acquisition of the island in 2006.
Stamp Duty is levied on most property transfers in TCI.
In June, the government won an interim payment of $1.25 million after entering judgment on liability in the case; the $9.29 million judgment replaces that interim award.
“We are delighted to have obtained this judgment, which underlines the commitment the government has to ensuring stamp duty is paid, and to pursue those who do avoid stamp duty,” said Attorney General Huw Shepheard. “It is another very good result for the civil recovery team and very tangible evidence of the progress being made by them.”
The case involved alleged tax evasion in the purchase of the property.