Beautiful Virgin Islands


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
Channel Tragedy: Three Dead in Record Year for Perilous Crossings
Jimmy Carter: The Legacy of America's Centennial Statesman
Record Tragedy in the Channel: Three Dead and 2024 Becomes Deadliest Year for Sea Crossings
Operation Beepers: A Remarkable Triumph of Israeli Intelligence Against Hezbollah
Rail Unions Keep the UK in a Chokehold: The Battle Over Power and Pay
Today, Biden allocated an additional $1.25 billion to Ukraine.
Biden Reportedly Regrets Decision to Step Aside, Claims He Could Defeat Trump
Russian Tanker Seized in Baltic Investigated for Espionage
Elon Musk's Controversial Endorsement Adds Tension to German Politics
Putin Extends Olive Branch Amidst Tensions Over Azerbaijan Airlines Crash
Elon Musk’s Controversial Endorsement of Germany's AfD Sparks Editorial Resignation
The Missteps of 2024: Teams, Coaches, and Players Who Fell Short
Frustrated Canadian tells Trudeau to "Get out of BC" during his Christmas vacation ski trip
In Syria today, responding incorrectly to the question 'Are you Alawi or Sunni?' can be detrimental to your well-being.
Restricted Area in Australia
NATO to Amplify Baltic Defenses Amidst Shadowy Undersea Sabotage Claims
Dense Fog Disrupts Over 1,000 Flights at Heathrow and Gatwick
Biden Administration Commits Additional Military Aid to Ukraine
Biden Boosts Ukrainian Defense as North Korea Sinks Deeper into Russia's War
Azerbaijan Airlines Crash Triggers Speculation of Russian Misfire
Western Support for Ukraine Wanes Amidst Trump’s Return and Russian Resurgence
Ukraine Strikes Russian Missile Factory, Deepening Tensions
Ireland's Medieval Ecclesiastical Register Undergoes Conservation
The Closure of the Global Engagement Center: Controversy, Claims, and Conclusions
The Rise of Princess Charlotte: A New Star in the Royal Firmament
Diplomatic Waters: Finland's Seizure of a Russian-linked Vessel in the Baltic Sea
Reform UK Declares Itself the 'Real Opposition' Amid Membership Surge
Pope Francis Opens Holy Door at Major Italian Prison
Britain’s ‘Wild West’ of Weight-Loss Jab Promotions Faces Growing Scrutiny
Pope Francis Urges Unprecedented Dialogue Amid Escalating Ukraine-Russia Tensions
Dozens Survive Kazakhstan Passenger Jet Crash Amid Tragedy
Kazakhstan Air Disaster: Dozens Survive as Authorities Probe Fatal Plane Crash
Postal Workers Demand Government Probe Into Royal Mail 'Fake Deliveries' Scandal
Explosion Sinks Russian Cargo Ship Ursa Major in Mediterranean
Mystery Shrouds U.S. Citizen Gene Spector's 15-Year Espionage Sentence in Moscow
Zelenskyy Alleges 3,000 North Korean Casualties in Russian Conflict
North Korea's Unseen Hand: Over 1,000 Troops Suffer Casualties in Ukraine
Discovery of 50,000-Year-Old Baby Mammoth in Siberia Fascinates Scientists
Magdeburg Attack Fuels AfD's Political Momentum Amid Rising Tensions
In Magdeburg, Germany, a man is arrested by the police for declaring, "I am a Christian."
UK News Roundup: London Shooting, Travel Disruptions, and Legal Battles
UK Economy Teeters on Recession's Edge Amid Revised Growth Figures
Australian Man Captured in Ukraine Conflict; Government Seeks Answers
Zelenskyy’s Push for NATO: A High-Stakes Gamble for Eastern European Stability
Slovak Pragmatism or EU Discord: Prime Minister Fico’s Polarizing Moscow Engagement
The Ripple Effects of a Russian Victory in Ukraine: A Global Tectonic Shift
U.S. Government Shutdown Averted by Last-Minute Agreement
Tragedy in Magdeburg: Saudi Doctor's Alleged Terror Attack at German Christmas Market Ignites Global Security Debate
Tragedy Strikes at Magdeburg Christmas Market: Terror Attack Leaves Five Dead
Texas Congresswoman Kay Granger Discovered in Nursing Home Following Six Months of Inaction
×