BVI News

Gov’t to create ad hoc economic committee, Premier calls on interested persons to join

Premier Andrew Fahie

In the face of a declining financial services revenue stream, plans are underway to create an ‘ad hoc economic committee’ to diversify the local economy.

“I want to make a call to the people of the BVI because I told the Ministry of Finance that we have to come up with an ad hoc committee to look at new revenues for the territory. So anyone who is interested, please call the Premier’s Office,” Premier Andrew Fahie said at a recent public meeting to discuss the United Kingdom’s loan guarantee offer to the BVI.

“The people are the ones with the ideas and the elected officials are the conduits to value-add and carry through your ideas,” Fahie further said.

Revenue makers are important

Premier said revenue-earners such as the financial services have declined in performance.

This is what makes his proposed committee important, Fahie said.

“I have read reports that the financial services intake is dropping off. [So] revenue-makers are important, I couldn’t understand why the port in West End was closed for this reason. Now it is a joy to see the economic activities in that area. The revenues that are being made.”

Meanwhile, Bishop John Cline has volunteered himself to be a part of the committee which he said is similar to the economic advisory agency that he along with others created after the BVI’s historic ‘Decision March‘ back in May 2018.

“I believe there are tremendous opportunities out there that we can become less dependent on financial services and to underpin our economy. I am encouraged to hear that, and hopefully, I can work with that group of persons who will be put together,” Bishop Cline said.

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25 Comments

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  1. SMDH says:

    Seems like everything about this government is ad hoc.

    Like 24
    Dislike 2
  2. The Nation says:

    Start by going through the Stamp Act and Statutory Rates and Charges Act and seeing all the revenue that is not being collected. Are landlord’s paying tax on the rents they get from tenants? If not and if they should, should there be a requirement to register with Inland if you are a landlord so that there can be effective enforcement?
    Also, land registry fees need to be raised except for copy charges ($4 a single sided copy is way too much)

    • Reader says:

      I don’t know about others, but I’ve been paying rental tax from around 2008. If I’m not wrong, I also have all my receipts. Well for those who were not aware that its payable, now they should know and take the necessary steps to inquire with Inland Rev. to see how it works. It is actually determined between the landlady/landlord, and is very affordable.

    • Hit the nail on the head says:

      @ Nation.

      I am with you.

      You are asking the correct and hard questions!

      And giving the correct suggestions!!!!

    • Hmm says:

      Especially those who come in build their big houses and rent them out as short term. Sometimes they even tell their renters to say when they are entering the country to tell immigration officials that they are friends of the owner of the property allegedly.

  3. Goodsense says:

    my suggestion, decriminalize marijuana and use it for medical purposes, use our sun to generate revenue

  4. vip heckler says:

    I can see clearly now that the VIP had no plan prior to entering office

    Like 15
    Dislike 3
  5. TurtleDove says:

    Geting the internet/communication infrastructure fixed should be the # 1 focus…it will help the economy in ways we have not thought about yet…minimum wage is going to be 15 dollars in the US…if ours is 10 or 11 dollars we can compete for technical and consumer goods support…I am sure in time higher paying industry could come as well..

    • @TurtleDove says:

      One of the telcoms must go. Someone with good industry and economic sense would not have allowed three telcom companies in such a tiny market.

  6. Not2Sure says:

    It feels like there have been a lot of similar committees to this over the years. None of the others ever achieved a d**n thing. We’ll see if this one ever achieves anything.

  7. Bvi First says:

    How many products do we make in Bvi? This is how we as a country will find revenue. Money stay in dam country no be sent away

  8. lol says:

    leh we ban the exporting of money

    Like 3
    Dislike 4
  9. Reader says:

    Correc. It is actually determined between the landlady/landlord and Inland Rev..

  10. David Gee says:

    A famous quote says an infinite number of monkeys with an infinite number of type writers could write the entire works of Shakespeare. BVI proves that to be incorrect and has yet to complete just one verse XX

  11. Anonymous says:

    Dem to wicked and greedy.

  12. Suggestions says:

    We need high end tourism back on track, 2 years later where are Bitter End, Biras, Little Dix, Peter Islands, Long Bay
    Is medical marijuana a viable market (Glaxo?) we probably missed the bank wagon
    What else is easy agriculture – peanuts?
    Open up the banking industry, the trust companies are using St Lucia, 100’s of millions could be flowing through National Bank of BVI (and 200 jobs!)
    Culture – so much rich history in ruins (Forts, sugar mills) refurbish for historical tours
    Hospitality training – from 6th form to hospitality course at the college
    Go green – glass crusher at Brandywine, are there enough cans to collect and export aluminium?
    Beautiful ocean – programmes to increase fish and marine livestock (anyone that’s seen a turtle will come back!). Lobster, oysters, pearls, mahi mahi viable industries

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