British Virgin Islands

Tuesday, May 18, 2021

Marine industry gets 50% reduction of licensing fees!

Marine industry gets 50% reduction of licensing fees!

In what has been described as a ‘stimulus' for the marine industry has been approved for a 50 per cent reduction of licensing fees because of the ongoing COVID-19 pandemic.

“In the form of a stimulus to the marine industry, I am pleased to announce that your Government has extended a reduction of fees for the 2020 to 2021 season, for the licensing year 1st November 2020 to 31st October 2021. This is a stimulus for our marine industry!” Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) stated.

The media release from the Government issued on Monday, March 22, 2021 further said Commissioner of Customs, Mr Wade N. Smith, said the move was to assist all Charter boat owners, charter companies, and charter management companies.

He explained that in accordance with Section 4 of the Commercial Recreational Vessel Licensing Act, 1992, Recreational Commercial Vessel licensing fees are due on November 1 each year and as a result, fees were due by November 1, 2020.

Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) has said the 50% reduction in licensing fees is a stimulus for the marine industry.


Fee reduction


“However, given the circumstances created by the COVID-19 pandemic which prevented the marine industry from operating at full capacity, licensing fees outstanding since November 1, 2020, is now due to be paid at a 50% reduction by April 15, 2021,” he stated.

If these fees are not paid by April 15, Smith warned that fines and penalties may apply in accordance with Section 11 of the Act for non-compliance.

The marine industry has been among the hardest-hit sectors during the pandemic with the closure of the seaports and restricted travel to the territory.

However, the seaports are expected to reopen for international operations on April 15, 2021.

Newsletter

Quote of the Day

“If no one had an army, armies would not be needed. But the same can be said of most lobbyists, PR specialists, telemarketers, and corporate lawyers. Also, like literal goons, they have a largely negative impact on society. I think almost anyone would concur that, were all telemarketers to disappear, the world would be a better place.”
― David Graeber, Bullshit Jobs: A Theory

Related Articles

British Virgin Islands
×