Gov’t might make duty concessions permanent for businesses
Premier Dr Natalio Wheatley has indicated that his government may consider making some of its recently introduced duty concessions permanent as part of ongoing efforts to ease the cost of living in the BVI.
The government recently introduced a series of temporary duty reductions in response to the spike in global fuel and shipping costs linked to the US-Iran conflict. With the duty reductions, businesses are expected to lower prices for consumers.
Speaking in the House of Assembly during debate on the Consumer Protection Amendment Bill, Dr Wheatley pushed back against claims from Opposition Leader Marlon Penn that the temporary concessions would expire before any meaningful regulations could be introduced to ensure consumers benefit from lower prices.
The Premier said the current reductions were only approved for three months, but assured that the government is already examining whether some of those concessions can continue beyond that timeframe.
“I’m gonna sit down with the team to see if we can make permanent a lot of these duty reductions,” Premier Wheatley stated. “We have to see how we can make these duty reductions permanent, and how we can have regulations to ensure that those savings are passed on to the consumers.”
Dr Wheatley said government would closely monitor the impact of the concessions before deciding whether they should be extended permanently. He also promised that regulations linked to the Consumer Protection Amendment Bill would be introduced quickly to prevent businesses from keeping the savings for themselves instead of lowering prices for shoppers.
“Now that this bill is coming into force, we will endeavour to bring those regulations quickly,” the Premier said. “We can’t just allow the bureaucracy to impact our ability to help our people.”
The Premier also rejected suggestions that the concessions were having little effect on the economy. According to Dr Wheatley, businesses have already reported reducing prices because of the lower duties. Premier Wheatley said he plans to hold follow-up meetings with businesses alongside Junior Trade Minister Lorna Smith to determine exactly how the concessions are affecting prices in the territory.
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First assess if it reduced cost to consumers and if it has please make it mandatory to enjoy the benefit of it. If businesses keep prices high and still enjoy the benefits of it think about the effects. That’s reduced government revenue and reduced consumer purchasing. Think about the effects to the economy.
up to now the supermarkets HAVE NOT pass the benefit to the consumer yet only bobbys i giving a chance because he consider us the poor people, if by september we dont see any difference on our receipts you and the other 12 going for sure WE THE PEOPLE FED UP OF THE POLITRICS AND POLITICAL GIMMICKS, be serious and give the people something to really respect you about
ESPECIALLY ONE MART AND RITE WAY
Riteway did start of last month, Onemart allegedly kept it for his teeth maintenance/to buy everyone else’s businesses and start a new political party
The Duty rates have been lowered on some items but not all items. The Freight costs have rocketed up and the Trump tax on imported goods is 10% aprox.
There have been a huge increase in the prices of goods world wide. The rebates from the Goverment are welcome but miniscule in the bigger picture. The businesses are reacting by shopping outside the USA but this takes time to set up and goods to arrive. Finding new reliable suppliers is a challenge. Freight companies are unreliable and costs fluctuate constantly. Container prices have doubled. The Government charges duty on freight to this is where the large chunk of duty increase has effect prices. They should not charge duty Freight. The port fees increased 100% from 1-2% sounds small but its a increase and there is nothing the port has done to support the businesses. They have not replaced the warehouses blown away in Irma so the goods are left to the elements when rain comes. Customs rented 3 warehouses for 3 years costing $105,000 and never used or fitted out. Just a waste of money. The port infrastructure is very poor.
Puerto Rico just banned BVI vessels from the USA waters due to them blocking a shipping lane. This was caused by reducing the area and putting in a marina but its had a huge effect from PR to the BVI in moving cargo. Tarrifs, Fuel Surcharge, are all caused by the USA not the BVI but its effecting the whole world. We need to be self reliant and not dependent on the USA but the rest of the world. But the logistics in getting here are very fraught with issues as shipping company pricing fluctuates so much. Were all feeling it in our pockets world wide not just the BVI. The changes the government had made are tiny in the big picture. The Businesses are not price gouging just reacting to the increases from suppliers.
Rite Way is owned by Europeans, nd it shows. No care, absolutely none fdor the people.
Canada the well known eu country!
Canada, the famous European country!
Politics and Election talk to have us holding on to hope that one day might happen. Or that they are looking into. Or they are considering. Meanwhile elections come and go and not a thing done.
You’re stupid enough to believe the owners of businesses(politicians and families) are going to pass savings on to the little guy ? Yes he is. (stupid enough)
Utter nonsense. The consumers can tell you whether or not the benefit of duty concessions have been passed on to them . Whether now or on previous occasions , Covid , aftermath of Irma and Maria . We see the abuse over and over again and the ones benefiting are the business owners who use the opportunity to increase profits !!!! While the consumer continue to suffer . Get out of here with the “expectations”. If nothing is in place to ensure that the prices on the shelf change then all you clinging to is a hope and a prayer and people like you don’t have to worry about the pinch as your bread buttered .
So if this is passed in cabinet,where is government going to get monies from to replace this foolish decision. Keep in mind these business doesn’t pass nothing on to customers and prices only escalate in the bvi.