The brief statement gave no reasons as to why Shepheard had tendered his resignation, noting also he has “given notice of his intention to file legal charges against the TCI government for reputational and other damages”.
Misick, who has been in a Brazilian jail since he was re-arrested in Sao Paulo in April had denied reports that he was seeking a plea bargain with British and American law enforcement authorities.
Investigators have uncovered evidence of suspicious land deals, unpaid government bills and possible fraud, bribery and money laundering by former leaders.
Misick was first arrested on December 7 last year by Brazilian Federal Police acting on a provisional arrest warrant after his arrest was sought by the TCI Special Investigation and Prosecution Team.
Sports Minister Anil Roberts said that he had already sent pre-action protocol letters to the Guardian Media Limited, publishers of the Trinidad Guardian newspaper.
London maintains that the VAT would provide a more stable, fairer and broader based system of revenue for TCI than that which is currently in place.
Misick was arrested in Brazil as a result of an international arrest warrant issued by INTERPOL and a further warrant issued by the Brazilian Supreme Court.
Michael Misick is being sought in connection with a corruption investigation by the Sir Robin Auld Commission of Inquiry from 2008-2009.
Misick was implicated in large-scale corruption in Turks and Caicos that led to the suspension of the democratic government in the TCI by the United Kingdom.
The victory for the PNP comes after Britain in 2009 imposed direct rule on the country and accused the then premier Michael Misick of corruption.
The PNP secured 6,293 votes or 49.13 per cent while the PDM tallied 6, 191 or 48.3 per cent of the popular votes in the Turks and Caicos Islands election.
Governor Ric Todd said the polls “mark the start of a much heralded and long anticipated new chapter in the history of the Turks and Caicos Islands (TCI)”.
The move by London came after a one-man Commission of Inquiry said it found widespread corruption under the administration of former premier Michael Misick.
Turks & Caicos Islands constitution proclaimed after three-year direct rule.