British Virgin Islands

Saturday, May 08, 2021

Businesses in good standing will pay less to import goods

Businesses in good standing will pay less to import goods

Businesses in good standing with the government will be allowed to import goods in the territory at cheaper rates.

Premier and Minister of Finance, Andrew Fahie said this is being done to boost businesses with the hope of causing a spill-over to customers.

“We will be introducing the long-spoken-about Customs duty two-tier tariff system so that licensed businesses in good standing, importing goods will pay a lower duty than individuals who are importing goods not for business purposes,” Fahie stated.

“This will allow our business people to receive a reduction in cost of goods to pass down to the customers,” he added.

Extended stamp duty waiver


The Premier said residents can also expect reduced taxes in another area — stamp duties.

The government had temporarily relaxed the stamp duty on the purchase of lands or property by a Belonger. But the keen interest shown by young Virgin Islanders seeking land across the territory has prompted the government to extend the stamp duty waiver that was due to expire in May 2021.

“Your government has heard your cries for an extension to this initiative. Hence, your government will honour your request through amending the Stamp Act to allow for the further relaxation of the stamp duty cost to Belongers who purchase land or property,” Fahie said in the House of Assembly recently.

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