Trade license fee increases won’t come in effect till 2024
With business owners expressing concerns about the new trade license prices proposed in the Business License Act (2022), Premier and Minister of Finance Dr Natalio Wheatley said the bill will not come into effect until 2024 which gives the government ample time to assess the territory’s economic environment.
Speaking at a press conference earlier today, the Premier said he understood that if the policy was implemented at this moment, it would be difficult for businesses in the territory.
“So, the good thing is it won’t come into force until 2024 and that will give us the time necessary to survey the economic environment. We hope that the war comes to an end because war is not the answer. It just causes lots of challenges for the world. Of course, we hope that we are able to provide the services through the Trade Commission and that would justify the increase in the value of the trade license,” Dr Wheatley said.
“We have time to be able to survey that through 2024 and if we look at the situation and we decide for instance that we can’t raise the fees right away then we may be able to graduate it. Have a gradual increase over a number of years. I sympathize with the businesses, and I understand how difficult it is to do business in the BVI right now. There are some measures that we want to take that will help businesses and help consumers,” the Finance Minister added.
However, the Premier sought to remind people that for the government to develop road infrastructure, build schools and facilitate health programmes, there needs to be revenue generation.
“Having fees from 1989 is not sustainable for the government. But we understand the concerns and we are sympathetic to those concerns, and we would like to see what we can do to help alleviate some of those concerns for every single sector. More will be demanded of us as we go through this very difficult period of our history,” Dr Wheatley said.
Meanwhile, the Premier acknowledged that business has been an integral part of the territory’s economy and policies need to be conducive to the need of doing business in the Virgin Islands.
“This includes having clear policies in registering and regulating businesses. Over the year, persons doing business and attempting to do business in the Virgin Islands have complained that the registration process has been long, cumbersome, confusing, and discouraging. We have all heard stories of businesses taking years to get their trade license approved. This is really not acceptable,” Dr Wheatley said.
“This leads to the perception that the process is not fair and transparent. We cannot have persons feeling that they are being given some arbitrary run-around, especially when this may be inconsistent with the laws and policies in place. This is not good for our reputation, and it is not healthy for business. We must change this to inspire confidence in the system and ensure we have an environment that is friendly and welcomed to businesses and investments,” the Finance Minister said.
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We the people don’t mine when but is it necessary?
Slow Wande only now figures out that placing a higher cost on starting a business may be a bad thing right now. Trust Slow Wande to eventually figure stuff out
Seems like a knee jerk reaction. there has been very little thought put into this.
why do we have politicians with little knowledge of finance trying to come up with new laws. Bring experts.
Who needs an expert when you have Slow Wande. He will eventually figure it out. It may be years from now but he eventually gets there.
you soon gone so keep making all ur errors now hope u have a piece of land to go then to and grow crops after the next election ]
Unfortunately you wont be in there that long to see it go thru
He backing up like a lobster because he knows election is soon
The Governor will decide if we we have elections not you – Sowande is safe for 24 months
Still too high. We don’t have a large enough population with enough product consumers to justify this ridiculously high hike. Imagine you paying these fees and other overheads and not enough people to buy your products to break even, much less make a profit.
Not a good look. We don’t have the money for this.
Its crazy… but people still on 1989 salaries.. is he for real no increment.. no raise in minimum wage but you raising fees.. really..
The hypocrisy..
High food prices, high gas prices, high cost of living, high tax fees,no talks about salary increase or price control in the country. You need to concentrate on balance Sowande!. Crime rates will increase,more disgruntled people will increase. Stop applying unnecessary pressure on the system it’s already failing. People need help, it’s not all about making money. The government have been failing for years and now people have to pay for it. This will not end well!
Based on US but still relevant…
The poor man can’t catch a break
Tax his land,
Tax his bed,
Tax the table
At which he’s fed.
Tax his work,
Tax his pay,
He works for peanuts
Anyway!
Tax his cow,
Tax his goat,
Tax his pants,
Tax his coat.
Tax his tobacco,
Tax his drink,
Tax him if he
Tries to think.
Tax his car,
Tax his gas,
Find other ways
To tax his ass.
Tax all he has
Then let him know
That you won’t be done
Till he has no dough.
When he screams and hollers;
Then tax him some more,
Tax him till
He’s good and sore.
Then tax his coffin,
Tax his grave,
Tax the sod in
Which he’s laid.
When he’s gone,
Do not relax,
It’s time to apply
The inheritance tax.
Accounts Receivable Tax
Airline surcharge tax
Airline Fuel Tax
Airport Maintenance Tax
Building Permit Tax
Cigarette Tax
Cooking Tax
Corporate Income Tax
Goods and Services Tax (GST)
Death Tax
Driving Permit Tax
Environmental Tax (Fee)
Excise Taxes
Income Tax
Fishing License Tax
Food License Tax
Petrol Tax (too much per litre)
Gross Receipts Tax
Health Tax
Heating Tax
Inheritance Tax
Interest Tax
Lighting Tax
Liquor Tax
Luxury Taxes
Marriage License Tax
Medicare Tax
Mortgage Tax
Pension Tax
Personal Income Tax
Property Tax
Poverty Tax
Prescription Drug Tax
Real Estate Tax
Recreational Vehicle Tax
Retail Sales Tax
Service Charge Tax
School Tax
Telephone Tax
Value Added Tax
Vehicle License Registration Tax
Vehicle Sales Tax
Water Tax
Workers Compensation Tax
Tax (VAT) on Tax.
And Now they want a blooming Carbon Tax!
STILL THINK THIS IS FUNNY?
Not one of these taxes existed 100 years ago, & our nation was one of the most prosperous in the world… We had absolutely no national debt, had a large middle class,a huge manufacturing base, and Mum stayed home to raise the kids.
What in the Hell happened? Could it be the lying parasitic politicians wasting our money?
Oh, and don’t forget the relatively new bank charges….
And we all know what we think of Bankers.
If BVI had tax there would not be a need to increase licence fees! I’m all in favour of a low tax rate, it’s zero for the small man and makes the big companies contribute.
This government is sick. My business got destroyed during hurricane Irma. I never got any government assistance during the pandemic either. I am trying to catch up on bills so I can hopefully reopen my business within the next 2 years. Such a stab in the back to find out that the government could take away my trade license because I am going through a rough time. It’s like they want me to rob people and sell drugs instead.
And what does that mean, we should shut up for now so you can “quietly” drop it on us when you think we’ve forgotten and then say ‘but I told Ou a year ago this was coming’
Must be banking on it being someone else’s problem
Don’t they know small businesses cannot afford the proposed rates? Small businesses help the local economy. So BVI always going after the Whales and no future planning.
Short minded thinking. Make business more accessible for young entrepreneurs and persons down on their luck & provide safe spaces for them. Dont make it harder!
Our crime rate is directly related to your politic ideas.
Get rich quick taxing the people or nurture the nation by running it like a sustainable business -meaning bring in revenues from outside the BVI- your choice.
We dont print money & we have a low population. our infrastructure can not depend on taxing the people of the BVI.
Lord have Mercy
Ican’t open me business no
You raise Trade License fees bit not minimum wages. Where is the balance ⚖️ here? Cost of living out here trippling and salaries done dead…from taxes and NHI payments that we cannot use because they stop covering 99.9% of the things people really need. We dying out here. We don’t even have food sustainablity because you all botched the farmers and fishermen grants. Wow. I want a trade License but how is that going to happen now. You see this wickedness in the BVI it got to stop. The little increments people depended on stopped but your pockets and your friends pockets are lined with all Government money ..while public Servants suffer. We working with a salary from since 2006 when the last salary review happened. When is our salary going graduate. They done been working harder than they should. You people sickening. Water is also another problem. The COI looked into what benefited them not what benefited the people…sewage, lack of water, consumers rights, minimum wage, schools building structures not the wall along, farming fishing, these idiots that destroying the coast line and prime fishing areas, all these people paid to consult on things public servants been preaching about. NHI (Healthcare). This list is long… Who ever bring these COI people I vex with you because you was to drop in one of those holes up East End that “tramatizes” people. Lord send help. And not the UK help because they ain’t no better than these corrupt politicians. People out here frustrated.