Beautiful Virgin Islands

Sunday, Nov 27, 2022

Stamp duty waiver on construction not because I’m building new home

Stamp duty waiver on construction not because I’m building new home

Premier Andrew Fahie has dismissed the notion that the recently passed amendments to the Stamp Duty Act were in any way linked to the construction of his home.
During a recent House of Assembly (HOA) sitting, Premier Fahie disclosed that a government committee was set up to discuss issues surrounding the fallout from the Russia/Ukraine crisis.

According to the Premier, some of the initiatives discussed when the committee met included efforts at mitigation for the construction, marine and trade sectors.

“I smiled because I said I don’t mind doing the Stamp Duty [Act amendment]. I don’t mind doing all of them but I can hear it now with the one for the building [aspect] that you all are suggesting,” Premier Fahie said he told the committee.

“They asked me, ‘why Premier?’, [and] I said that I am building now and the first thing they’re going to say is that I brought it up because I am building,” the Premier expressed.

The Premier described this as one of the ‘drawbacks’ of the initiatives that were being proposed.

He said the idea came from other persons on the committee.

This is the second time in recent weeks that Premier Fahie has publicly defended the construction of his new home.

Since 2020, the government has offered “special exemptions” for the waiver of stamp duty on the sale or transfer of property to Belongers. This was a part of a greater economic stimulus measure implemented in response to the effects of the COVID-19 pandemic. This initiative later expired on December 31.

Thereafter, the government said the stamp duty waiver will continue for an additional year. However, it is now only applicable to Belongers who are first-time land and property owners. This was successfully sanctioned during a recent sitting of the House of Assembly.
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