Fines among measures being pursued against price gouging
Premier Andrew Fahie has announced that fines are among some of the measures being considered for businesses caught in the act of price gouging.
The Premier gave that indication at a recent press conference when asked what powers the task force he established to address the issue would likely have.
“Under the Consumer Protection Act that was passed that we could implement during pandemics and major disasters and crisis – which we are under – we are implementing that,” Premier Fahie stated.
He continued: “So, the measures that can be taken for that are some fines and many other areas of which we will be rolling out very shortly.”
Premier Fahie also indicated that most businesses that have since been approached by his task force have been cooperating.
He also offered an appeal to shop owners to pass savings on to their customers which they will receive from the import duty reductions he recently announced.
“Because this will keep the economy circulating, it will ensure that your customers are able to continue shopping locally and reduce the amount of money leaving the Virgin Islands. If you over-price your goods, you may be pushing your customers to shop abroad, and we would prefer that they shop locally,” the Premier said.
The territory’s leader also seized the opportunity to once again deny that he sought to attack the business community when he announced the introduction of the task force.
“I announced that the task force was created to look into the prices of goods, services and fuel [but] there were persons who tried to frame this as if your government was attacking the business community – which was not so,” he said.
That assertion of an attack on businesses was made by Opposition Leader Marlon Penn.
The Premier said the task force has since been able to gather data and information to be analysed and this has allowed officials to understand the various perspectives of the problem so that they could arrive at fair and effective solutions.
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There is no laws on the books for price gouging
Exactly what I was about to say.
The best way to keep prices down is to allow in competition, and not to protect our locally owned highly inefficient rip off price businesses.
Maybe the new trade commission should be encouraging more US supermarkets to open here – and perhaps giving a phone licence to ATT.
But put the port charges up so they can afford to pay the exorbitant rent for their wonderful new headquarters.
Welcome to BVI
So just how is government going to determine what is fair pricing? What markup? What expenses to be considered? Ridiculous freight and duty. Aging of inventory? Cost of electricity. This banana republic can’t even figure out how to peel itself much less run a business.
I’m concerned how the sudden purchasing of goods on line will ultimately crush retailers buisness further. If one is to be fair to all Premier May I suggest duty free to the businesses since you’re passing on their duty privledge to the public? Then the playing field is fair.
The airlines?
The Premier knows that there is nothing he can do about the businesses price gouging he knows that there is no law in place for him to pass out fines everything he says and dose there days he is campaigning, there is no law in place for this. I was told that the police couldn’t charge the captains that ran over and kill people because there was no law in place. A few days ago he said that we will have flights from Beef Island to Miami by November next day he said by August.
The only way to help people is by setting a price level on essentials or baskets of goods. For instance you can say to the supermarket industry they must have a set of goods they sell that someone could buy for $100 to feed 4 people for the week.
This is why there are normally value lines in the supermarket.
However, Government can’t determine a business profit – what they can do is tax business profit so it can go into social programs to feed those that can’t afford it. We currently have no tax on company profit.
We also have minimal tax on high earnings or personal wealth so lower and middle to lower incomes get hammered by the taxes and the rising price of goods but the business owners and high-income earners get to keep making a load of cash without helping the economy they are making it from.
but just in case this happen who will get help from such social programs? who will be the so called category that cannot afford it?
Supply and demand determine prices. Not some never run a business politician. The best way to reduce prices is competition. But the cronies don’t want that do they? Protect their monopolies with a trade license system
“Fun isn’t something one considers when balancing the Universe. But, this bull$hit… Does put a smile On my face.”
Tell that to Tortola e**ress who already hiked their price instead of lowering it.
Pursued..LOL!!!!
Something really need to be done with these heartless greedy businesses. Mr. Premier you are doing your best. These businesses not working with you…Stop talking and make the guilty pay..