Beautiful Virgin Islands

Wednesday, Oct 08, 2025

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
France: Less Than a Month After His Appointment, the New French Prime Minister Resigns
Hungarian Prime Minister Viktor Orbán stated that Hungary will not adopt the euro because the European Union is falling apart.
Sarah Mullally Becomes First Woman Appointed Archbishop of Canterbury
Mayor in western Germany in intensive care after stabbing
Australian government pays Deloitte nearly half a million dollars for a report built on fabricated quotes, fake citations, and AI-generated nonsense.
US Prosecutors Gained Legal Approval to Hack Telegram Servers
Macron Faces Intensifying Pressure to Resign or Trigger New Elections Amid France’s Political Turmoil
Standard Chartered Names Roberto Hoornweg as Sole Head of Corporate & Investment Banking
UK Asylum Housing Firm Faces Backlash Over £187 Million Profits and Poor Living Conditions
UK Police Crack Major Gang in Smuggling of up to 40,000 Stolen Phones to China
BYD’s UK Sales Soar Nearly Nine-Fold, Making Britain Its Biggest Market Outside China
Trump Proposes Farm Bailout from Tariff Revenues Amid Backlash from Other Industries
FIFA Accuses Malaysia of Forging Citizenship Documents, Suspends Seven Footballers
Latvia to Bar Tourist and Occasional Buses to Russia and Belarus Until 2026
A Dollar Coin Featuring Trump’s Portrait Expected to Be Issued Next Year
Australia Orders X to Block Murder Videos, Citing Online Safety and Public Exposure
Three Scientists Awarded Nobel Prize in Medicine for Discovery of Immune Self-Tolerance Mechanism
OpenAI and AMD Forge Landmark AI-Chip Alliance with Equity Option
Munich Airport Reopens After Second Drone Shutdown
France Names New Government Amid Political Crisis
Trump Stands Firm in Shutdown Showdown and Declares War on Drug Cartels — Turning Crisis into Opportunity
Surge of U.S. Billionaires Transforms London’s Peninsula Apartments into Ultra-Luxury Stronghold
Pro Europe and Anti-War Babiš Poised to Return to Power After Czech Parliamentary Vote
Jeff Bezos Calls AI Surge a ‘Good’ Bubble, Urges Focus on Lasting Innovation
Japan’s Ruling Party Chooses Sanae Takaichi, Clearing Path to First Female Prime Minister
Sean ‘Diddy’ Combs Sentenced to Fifty Months in Prison Following Prostitution Conviction
Taylor Swift’s ‘Showgirl’ Launch Extends Billion-Dollar Empire
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
×