Beautiful Virgin Islands

Monday, Oct 20, 2025

All Customs duties reduced to 5%!  Oil import tax slashed by 50%

All Customs duties reduced to 5%! Oil import tax slashed by 50%

Premier Andrew Fahie has announced that all Customs duties on imports that are above five per cent will be reduced to five per cent starting April 15 for the next three months in the first instance.

Speaking at a media conference earlier today, Fahie, who is also the Minister of Finance, said this initiative is a move by his Virgin Islands Party government to ease the financial burden the people of the Virgin Islands are facing due to the COVID-19 pandemic and the current Ukraine-Russia conflict.

The Premier also noted goods and services that currently have a duty of five per cent or less will remain the same.

“This will apply across the board, both to businesses and private citizens. To give an example, if a person was to import a motor vehicle costing $30,000 including shipping where the import duty would have been 20 per cent or $6,000, under this initiative, the duty will be capped at 5 per cent and they would only pay the reduced duty of only $1,500 during the period of this stimulus initiative,” Fahie said.

“Similarly, when it comes to importing food, clothing, construction material, marine supplies and equipment, vehicle parts, products for senior citizens and all other items where the regular duty is over five per cent, persons and businesses will pay five per cent and this will lower the overall cost of importing the item,” the Finance Minister added.

The Premier said since the Custom duty is calculated on the purchase price of the items and the shipping cost, the calculations of the savings would not one be on the cost of the item but inclusive of freight or whatever other charges that make up the CIF (Cost, Insurance, Freight) value.

Diesel and Petroleum Import Duty slashed In Half


Fahie also announced the government will be implementing measures to cushion the impact of rising fuel costs on the people of the territory.

“The import duty on diesel will be reduced by 50 per cent from 22 cents per imperial gallon to about 11 cents per imperial gallon. The import duty on gasoline will also be reduced by 50 per cent from 32 cents per imperial gallon to 16 cents per imperial gallon,” the Finance Minister said.

“This should give our people some relief at the gas pumps and in their pockets. So, the savings for all persons in all sectors have been significant whether it is in the marine sector, the automotive sector, the construction sector, the tourism industry, hardware and home goods; all sectors across the board,” Fahie added.

He noted this stimulus initiative will help residents with the economic struggle incurred by events out of their control. Fahie added it will also increase the purchasing power of businesses and individuals allowing them to stretch their dollar a bit more and also maintain their standard of living while keeping the economy stimulated.

“To ensure that the savings and benefits are passed on to the consumers, your government will be conducting monitoring exercises where businesses are concerned, through the trade department with its consumer protection function and in collaboration with our various other government agencies. I want to take this opportunity to remind members of the public that this will be just one initiative your government has put in place to ease the financial burden of our people,” Fahie said.

The Premier also thanked the Territorial At-Large Representatives – Sharie DeCastro, Shereen Flax-Charles, Carvin Malone and Neville Smith – for championing the initiative.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
Dutch Government Seizes Chipmaker After U.S. Presses for Removal of Chinese CEO
Bessent Accuses China of Dragging Down Global Economy Amid New Trade Curbs
U.S. Revokes Visas of Foreign Nationals Who ‘Celebrated’ Charlie Kirk’s Assassination
AI and Cybersecurity at Forefront as GITEX Global 2025 Kicks Off in Dubai
DJI Loses Appeal to Remove Pentagon’s ‘Chinese Military Company’ Label
EU Deploys New Biometric Entry/Exit System: What Non-EU Travelers Must Know
Australian Prime Minister’s Private Number Exposed Through AI Contact Scraper
Ex-Microsoft Engineer Confirms Famous Windows XP Key Was Leaked Corporate License, Not a Hack
China’s lesson for the US: it takes more than chips to win the AI race
Australia Faces Demographic Risk as Fertility Falls to Record Low
×