BVI News

New category of tax to be introduced in BVI

Government will be introducing a new category of tax in the British Virgin Islands.

Premier Andrew Fahie said this new tariff will be born from the Cannabis Licensing Act which is being deliberated in the House of Assembly.

“We will be engaging in export activity and this can open up trade channels to export other BVI products. This will allow for the creation of an export tax, therefore and thereby opening the door for new revenues to be realised by this territory. All of this will contribute to our economic growth,” Fahie said during last Friday’s debate of the legislation that provides for the cultivation, processing, importation, exportation, distribution, and sale of medical cannabis in the BVI.

No further details were given about the new proposed tariff at the time of Fahie’s statement.

Besides this new export tax, Premier Fahie said the aforementioned medical marijuana legislative framework can help to propel the BVI into medical tourism — an area he said the territory has been “talking about for years”.

Other projected benefits

He said there will be other economic benefits to the legislation which has received a considerable degree of opposition inside and outside of parliament.

“We will be creating jobs, people will be earning money and will have the spending power to support local business. We will be producing an exportable commodity which will [gain] us foreign exchange earnings. We will be diversifying our economy-base instead of having our eggs in two baskets,” he said.

The economic baskets of which the Premier refers are the financial services sector which accounts for roughly 60 percent of annual revenue and the tourism sector, which accounts for one in four jobs in the BVI.

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24 Comments

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  1. Wow says:

    Pie in the sky!

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    • Where says:

      Where did you all find this Foy. What was he doing before a bunch of I****s elected him Premier. The man obviously has zero experience in running anything. He just seeks to tax everything he can think of. Time for this man to move back to whatever he did before. I hope it wasn’t teaching. A mind is a beautiful ting to waste. …

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    • Krugman says:

      The Premier must have skipped his Economic’s class. As every Freshman knows imposing an export duty on a product diminishes its value for the local supplier. For example, if a BVI fisherman wanted to sell his catch to restaurants in the USVI at the global market rate of $5 a pound and the BVI has a 50% export duty, then the Fisherman would have to charge $7.50. The restaurant would refuse and find the fish elsewhere for $5. Or alternatively, the BVI Fisherman could lower his price and allow the Govt to walk away with his hard earned profit.

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    • Rubber Duck says:

      They are planning to tax exports ? Every country in the world wants exports. No one taxes them ffs.

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      • Whoi says:

        People on their knees with corona and hands pin head for hurricane and all the tax Premeir could do is tax even more. Poor us.

  2. axe man says:

    he planning to kill we wid tax ????

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  3. Really says:

    Will everybody have to pay this tax? we need more information about yet another tax….

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  4. LOL says:

    BVI exports…hmmmmm

  5. Shaft man says:

    Erase c**k tax please

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  6. Why says:

    Exporting anything on its own would be such a boost to the economy, why does government need more?

  7. British says:

    He was the same person talking about NDP applying from here to stt on ferry and how expensive and costly. But he’s no different than NDP. He’s worst!!!

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  8. huh says:

    we only have soil to grow weed and we have to import food.watch a thing!

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  9. 2021 says:

    An ju fie gonna announce walking tax for the sidewalk folks, road tax for driving, baby tax, rain tax, sewerage tax everything we flush the toilet

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  10. Mmmmmm says:

    Brilliant idea. Look people so far behind when the fi ally start to benefit from it the will thank you then. I wasnt a fan of yours but your progressing the island forward. Who dont know will wonder.

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  11. Wow says:

    This premier needs to go….. ayo vote um in smh

    • @Wow says:

      The funny thing is the people did not vote in Fahie as Premier. They voted for the members of the party who then by default submitted to Fahie being the Premier. A part of our political system that I never liked. The people should have a choice in who in who is premier!

  12. BuzzBvi says:

    There goes my idea for making things in the VI. Make them elsewhere. Jobs elsewhere. Profits elsewhere. Life elsewhere. Rent elsewhere. Eat out elsewhere. Buy everything elsewhere, like always…. Live in the real world. Elsewhere. Got to worry for those that stay in VI land. Donkey World. 10$ a day. Ride all day.

  13. Huh!!!!! says:

    I remembered a VIP supporter once told me the NDP already apply all the taxes so the VIP don’t need to apply anymore. But so far I have seen different, look at the low blow with the tax on money transfer, I don’t mind the tax for the money transfer but I think it should have been from $500 up…

  14. More law without enforcement says:

    How about enforcing the taxes already in place, payroll tax, SSB, NHI, duties…..

  15. Anonymous says:

    Doing great work MR P!!

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