Beautiful Virgin Islands

Thursday, Jun 05, 2025

Pass The Savings On! Over-pricing May Push Customers To Shop Abroad

Pass The Savings On! Over-pricing May Push Customers To Shop Abroad

The Government is hopeful that businesses will pass on the savings from the soon-to-be-implemented reduction in import duties which was done to cushion the effects of rising prices on fuel and other commodities.
Premier and Minister of Finance, Hon. Andrew Fahie has stated that with this import duty stimulus measure, every household will benefit because every household is an importer and every household is a consumer.

He pointed out that every person in the Virgin Islands, regardless of social and economic status, regardless of political allegiance and regardless of religious affiliation – every Virgin Islander, Belonger and resident, whether as a business owner or operator or as a private citizen will benefit from the stimulus measure.

However, he appealed to shop owners to pass along the savings.

"I want to take this moment to also appeal to our shop owners to pass the savings on to their customers because this will keep the economy circulating, it will ensure that your customers are able to continue shopping locally and reduce the amount of money leaving the Virgin Islands. If you over-price your goods, you may be pushing your customers to shop abroad, and we would prefer that they shop locally," the Premier stated.

The Premier noted that just about two weeks ago, he announced that a Task Force was created to look into the prices of goods, services, and fuel. he stated that persons tried to frame this as if Government was attacking the business community – which was not so.

"The Task Force was able to gather the data and the information for us to be able to sit down and analyse the numbers and the scenarios, and for us to understand the various perspectives to the problem so that we could arrive at fair and effective solutions," the Premier stated.

Last Friday, March 25, Government announced plans to have Customs Duties that are above 5 percent to be lowered to 5 percent. This would take effect from 15 April 2022, for three months in the first instance.

The Premier announced that this will apply across the board – both to businesses and to private citizens.

Similarly, when it comes to importing food, clothing, construction materials, marine supplies and equipment, vehicle parts, products for senior citizens and all other items, where the regular Customs Duty is over 5 percent, persons and businesses will pay 5 percent and this will lower the overall cost of importing the item.

In addition, the import duty on diesel will be reduced by 50 percent – from 22 cents per imperial gallon to 11 cents per imperial gallon. The import duty on gasoline will also be reduced by 50 percent – from 32 cents per imperial gallon to 16 cents per imperial gallon.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Global News Roundup: From Ukraine's strategic military strikes and Russia's demands and Tensions Escalate in Ukraine, to serious legal issues faced by Britons in Bali and Trump's media criticism, the latest developments highlight a turbulent landscape
Majority of French Voters View Macron's Presidency as a Failure
Hungary Partners with China to Boost Electric Vehicle Production
‘Vibe Coding’ Emerges as the New DIY Trend
AI Pioneer Yoshua Bengio Warns Models Can Deceive Users
Big Four Firms Rush to Create AI Auditing Systems
Musk’s xAI Pursues $113 Billion Valuation in New Share Sale
Walmart Increases Revenue Despite Shrinking Workforce
Hims & Hers Plans UK and EU Launch of Replica Obesity Drugs
Toyota to Acquire Supplier in $33 Billion Buyout
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
×