BVI News

Businesses in good standing will pay less to import goods

File photo of the commercial district of Road Town.

Businesses in good standing with the government will be allowed to import goods in the territory at cheaper rates.

Premier and Minister of Finance, Andrew Fahie said this is being done to boost businesses with the hope of causing a spill-over to customers.

“We will be introducing the long-spoken-about Customs duty two-tier tariff system so that licensed businesses in good standing, importing goods will pay a lower duty than individuals who are importing goods not for business purposes,” Fahie stated.

“This will allow our business people to receive a reduction in cost of goods to pass down to the customers,” he added.

Extended stamp duty waiver

The Premier said residents can also expect reduced taxes in another area — stamp duties.

The government had temporarily relaxed the stamp duty on the purchase of lands or property by a Belonger. But the keen interest shown by young Virgin Islanders seeking land across the territory has prompted the government to extend the stamp duty waiver that was due to expire in May 2021.

“Your government has heard your cries for an extension to this initiative. Hence, your government will honour your request through amending the Stamp Act to allow for the further relaxation of the stamp duty cost to Belongers who purchase land or property,” Fahie said in the House of Assembly recently.

 

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9 Comments

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  1. Yeah right! says:

    That cost reduction will never be passed down to the people. Business owners too greedy.

    Like 13
    Dislike 2
  2. stupidness says:

    Who ever in good standings will front for their friends and there we go corruption again

  3. Fatted calf says:

    Just fattening the business. Nothing is ever passed on. Any business that operates on a makup of over 300% will never pass a 10% savings on to their customer.

  4. Nonsense says:

    So what about poor citizens that shop online
    Will the get a less duty fee
    This government is killing poor ppl and making the rich richer

  5. SMH says:

    This is going to keep oppressing the consumers. You all need to rethink about the welfare and Well-being of the common citizens. Their voices and cries are being ignored. Stop giving in to greedy and distasteful practices that’s hurting The People.

  6. no stock says:

    Comparatively speaking, if you want to order something through a courier because the store does not have it, that will make your import more expensive.

    Thus, the tax reduction (if even passed to the consumer) will incentivize the typical low-value, low stock goods that local stores have.

    Ohh, and let’s not forget where the stores buy their stuff from, yep, outside the BVI. So buying from local stores moves just as much money away from the BVI as the couriers do. Courriers also pay rent and create jobs for local people, they just do it more efficiently and help you get the better quality product.

  7. Fahie is throwing out ideas says:

    Like diarrhea, they all smell.

  8. Wait wait, don't tell me says:

    Who are they trying to fool? Bribery works. How much is being paid per person to our Premier for covid vaxx?

    Instead of fining and closing businesses who do not pay NHI and SS for their employees, they are pretending to pass savings on to those companies who do.

    But who is cooking the books? Can they be bribed? UN loves to bribe countries. How much did we get from UN recently. . . come on, time to wake up

  9. Anonymous says:

    More and continued misery for the poor and middle class.

    No brave, bold and needed relief ppolicies for them yet.

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