Effective February 1: Import duties reduced!
This announcement was made by Premier and Minister for Finance Dr. D. Orlando Smith at a press conference held earlier this afternoon as one of the measures implemented by Government to help address the high of living in the Territory and expects lower prices being handed down to customers.
“So here is what we expect with this change in duty assessment. We expect that the savings to the local businesses will allow them to provide incentives and lower prices to the consumer. The 3.7 million dollars in revenue foregone by the Government of the Virgin Islands we consider as an incentive to local businesses that should accrue benefits very soon.”
He said in the effort to facilitate the success of this initiative, there will be joint supervision by the Ministry of Finance and the National Business Bureau, and the combined effects of its existence reviewed during and at the end of the next 24 months.
“People in this Territory are subjected to very high prices especially for food and household items that cause them to experience hardships in meeting the needs of their families. These hardships have negatively impacted the quality of life that we are accustomed to in this territory as more and more of our residents have difficulties with basic survival,” the Premier stated.
The Territory's leader added that he has heard the cries of the people and the complaints of the fluctuation of prices at the supermarkets and believes with the reduction in duties it will bring down prices on products and keep the money in the Territory.
“I hear the complaints that prices fluctuate widely on the supermarket shelves and that we are spending more of our paychecks for food, clothing and shelter. I know that is why an increasing number of you shop overseas and spend in excess of an estimated $40 million per year doing so. We need that money to stay in our economy and we believe that if we were to become competitive in prices, a large portion of that money would indeed remain in the BVI. If we keep that money in our economy, then our local businesses hire more, turn over their products faster and yes, pay more taxes; a win-win for everyone.”
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