Beautiful Virgin Islands

Thursday, Oct 03, 2024

Reduction on import taxes extended for three months

Reduction on import taxes extended for three months

The reduction of Customs duty costs implemented by former Premier, Andrew Fahie months ago is being extended.

Premier and Minister of Finance Dr Natalio Wheatley made that announcement during a one-on-one press conference on Friday.

“Cabinet earlier, this week, has agreed to the extension of the reduced import duties which I outlined earlier for a further three months, following which, we will review the situation again. This extension will be effective from July 15,” the Premier said.

“I want you to bear in mind that as inflation continued to rise and the other factors continue to exist, considering our heavy reliance on imports, these external factors will more than likely lead to price increases and therefore, the purpose of these reductions in Customs duties is to cushion our people from the full impact of inflation and rising prices. Without these measures, the impact of inflation and rising prices would be much worst on our people,” Dr Wheatley added.

The Premier said the reduction is being done to ease the effects of the financial burden Virgin Islands residents are experiencing because of the pandemic and the Ukraine-Russian conflict.

“It is a widely established fact that the last few months have been challenging for businesses and consumers and the cost of goods and services have escalated. Across the world, the pattern has been the same with few to no exceptions. As your government, we know how difficult this has been particularly for the government and persons on a fixed income. We empathise with persons and we have been working to find ways to alleviate some of the pressures which are facing our people,” the Premier said.

The reduced rates on petroleum products, cement, propane


Dr Wheatley also announced an extension on the reduction of import duties for diesel and gasoline. The reduction on diesel import duties will move from 22 cents per imperial gallon to 11 cents per imperial gallon while gasoline will drop from 32 cents per imperial gallon to 16 cents per imperial gallon. The reduction also continues for cement and propane; from 18 cents to nine cents per 100 pounds of cement, and $1.20 to 60 cents for 100 pounds of propane.

“The value of these measures over the past six months is upwards of six million dollars and while this has had an impact on government revenues, it has to be seen as an injection into the overall economy and much-needed relief for businesses who are providing employment, who are buying services in the economy, who are heavily sought after for corporate sponsorship and who help to stimulate our economy,” Dr Wheatley said.

“We do acknowledge that these are interim measures and there are no scientific means of ensuring savings are passed on to the consumer. Therefore, it is necessary to introduce long-term measures that can provide relief to struggling families. Competition internally and externally is healthy in lowering prices, but as a national community, we have to have a discussion about other ways of ensuring concessions to businesses are passed on to consumers,” the Finance Minister said.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
EU Urges UK PM Keir Starmer to Consider Youth Mobility Scheme
British Forces Help Thwart Iranian Missile Attack on Israel
Simon Case Rejoins Garrick Club Amid Mixed Reactions
Investigation into Labour Donor Waheed Alli's Register of Interests
Iceman Drug Boss Jailed: Major Crackdown on £76M Trafficking Operation
UK Evacuates Citizens from Lebanon Amid Growing Tensions
Rise in Vaping Among Non-Smokers in England
Earth Faces Severe Geomagnetic Storm from Solar Flare
Keir Starmer’s Corruption Exposed: Bribes (Yet Again), Broken Promises, and a Rigged System Shielding the Powerful
Bank of America Outage Leaves Customers Unable to Access Accounts, Sparks Concern
Iranian Mullah Claims Israel Used Genies to Hunt Hezbollah Leader
Privacy Concerns Over AI Monitoring of UK Bank Accounts
Robert Jenrick Reveals Daughter's Middle Name as Thatcher
Badenoch Criticizes Civil Servants, Jokes They Are 'Prison-Worthy'
UK Treasury Plans Major Infrastructure Cuts
Kemi Badenoch Criticizes Civil Servants at Conservative Party Conference
Thames Mudlarking Permits Resumed with New Restrictions
Decline in Education for Youth Offenders in England
Jimmy Carter Celebrates 100th Birthday
Iran's Missile Attack on Israel: Defeated but a Significant Escalation
Iran President Lauds Missile Attack on Israel as Decisive Response
Russia Criticizes Biden's Middle East Policies After Iran Attacks Israel
US Dockworkers Strike Halts Half of Nation’s Ocean Shipping
Boris Johnson claims in memoir Queen Elizabeth II had bone cancer
Missile Attack on Israel: A Turning Point for the Ayatollah’s Regime?
Teachers in England Approve 5.5% Pay Rise
Robert Jenrick Criticized for Statements on UK Special Forces
Robert Jenrick Faces Transparency Issues Over Campaign Donations
Phillip Schofield Addresses Firing from ITV
UK Charters Evacuation Flight for Britons in Lebanon
UK Shop Prices Fall at Fastest Rate Since 2021
Keir Starmer Urged to Address Rising Energy Bills
Tom Tugendhat Warns Against Tories Turning into Reform UK
UK to Close Last Coal Power Station After 142 Years
End of Traditional Steelmaking as Tata Closes Port Talbot Blast Furnace
Gaza Hostage Families Urge UK Government to Act
UK Braces for Continued Flooding Amidst New Rain Warnings
Post Office Scandal: Capture IT System Likely Caused Shortfalls
Prince Harry Honors Young Heroes at WellChild Awards in London
BBC Apologises to Amanda Abbington Over Strictly Bullying
UK Government Charters Flight for British Evacuation from Lebanon
Chinese Woman With Two Uteruses Successfully Delivers Twins
Putin Vows to Achieve Goals in Ukraine Amid Ongoing Conflict
Impact and Future Actions Following the Assassination of Hezbollah's Leader
Austrian Election: Far-Right Freedom Party's Historic Victory
Microsoft to Relaunch AI Screenshot Tool Amid Privacy Concerns
India Faces High Concert Ticket Prices: Coldplay and Diljit Dosanjh in Focus
Robert Bourgi Unveils Secrets of French-African Financial Ties
Hollywood Faces Crisis After Strikes and Streaming Wars
Missed Red Flags: Qatar's Controversial Acquisition of Harrods
×