Gov’t slashes import duty on cement and propane by 50%
Premier Andrew Fahie has announced that in addition to the reduction in Customs duty tax and import duty on gasoline and diesel, Cabinet has approved a 50 per cent reduction in import duties on propane and cement.
Speaking at a special announcement press conference today, Fahie said the only stage left is for approval of the policy by members of the House of Assembly.
“I know persons in the House of Assembly would have no problems supporting these measures that would give you the people of the Virgin Islands some relief in these trying times. Cabinet has also approved as part of a policy, the reduction in import duty on propane and cement by 50 per cent of their current rate. From 18 cents to nine cents per 100 pounds of cement and $1.20 to 60 cents per 100 pounds of propane. So, these are some further measures your government has put in place to help you the people of the Virgin Islands in these times and to keep the economy stimulated,” Fahie said.
The Premier once again encouraged people to take advantage of the zero import duties on most equipment needed for using green energy as well as equipment needed to begin the cultivation of solar energy.
He said this initiative is another one passed by the government earlier this year to help with economic stimulation and environmental protection.
“By going green and generating your own electrical power, persons can save on their electricity bill and even earn money by selling their surplus power back to the grid,” said Fahie, who is also Finance Minister.
He further said the Ministry of Finance will continue to monitor the economy as the government implements the stimulus to ensure the benefits have been passed on to the consumers.
“Your government will be monitoring businesses through the Trade Department with its consumer protection function and in collaboration with various government agencies. This would include comparing the prices when stock is imported by businesses against the prices on the shelf,” the Finance Minister said.
“The same would be done for gasoline and diesel fuels. The government is urging businesses to pass on the benefits from the import duty stimulus to consumers. When you support your consumers, they will be able to continue supporting your business. It is a circle of life and a circle of the economy. Do good and good will follow you. We are in this together and we will rise more than ever before,” the Premier added.
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Surely reducing tax on cement only benefits those building houses, not the general population!
Who do we know that is building a big house out west end?
It’s Iris boy.
Can I use this medium to inform the Primer that I live in Romney Park. His construction team need to leave the road clean for those of us that need to drive on the Road past the construction. There is now a hump in the road due to the mixing of cement on the road and so far there has been puncture tire due to debris left of the road in front of the construction site.Thanks for your consideration.
Only the importers will win as always because they all too greedy to pass the savings on to the customers. They still have prices high ski. It was so corrupt that the hardware and furniture stores also benefitted from the duty free importation of building supplies and furniture in 2017 and all they did was raise their prices. None of the governments did anything about it.
He needs to cut the import duty by 50% on steel 🙂
The Premier needs to see who is really benefiting from these duty breaks.(not the customers)Take a walk into Rite Way and One Mart and check out the high increase in prices.Bobby’s aint to bad.One example, Regular purchaser of admiral oil at One Mart when on sale was $6.99. The new price when on sale is about $12.00 and change. Why are these supermarkets increasing there prices so high but the staff salary stays at minimum and still have to turn around and purchase these expensive goods?
The Bible said, the more God gave to his people is the more they want and even turn their backs on him. BVI people what you you cant satisfy one day at a time? He has to run a country, he cannot give everything free. o gosh man.
All extortioners will not inherit the KINGDOM of my Heavenly Father. Amen
Campaign financing! Now a political party using government money to win election. Ralph had warn us about this man but we didn’t listen.
Like the retailers/vendors are going to pass on the savings….how many times had this been tried before with same effect. What would you be saving if they did? About $ 0.30 for a small bottle of propane and $ 1.20 on a $ 100 pound cylinder. Strupes….
cutting income/paye tax by 50% to benefit everybody will make more sense
Income tax. This system of duty revenue and tourist banking revenue is strupes. Tourism impacted/you’re screwed. Offshore banking affected by first world regulations you’re screwed. So we just tax a poor who can’t afford duties on all the imported goods they need to live. We scrape pennies from the poor and let the big money folks laugh all the way to the bank look at the rest of the world or as we call it civilize world high income countries find me one without income tax