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UPDATE:Customs & duties bill passed with amendments
The bill was amended to make way for duties to be relieved from the cost of Freight and Insurance of imports by businesses, which would cost Government some 3.7 Million dollars per year.
According to Premier Dr. D. Orlando D. Smith, his Government saw the need to revive the economy and the bill is seen as one way of stimulating the business sector and that Government was also looking at other ways of enhancing commerce.
Dr. Smith said it is expected that the bill would result in increased commercial activities, lower prices and job creation.
Deputy Premier and Minister for Natural Resources and Labour Hon. Kedrick Pickering said Government was concerned with the high prices especially for food. He noted too that businesses have been complaining of being unable to compete with St. Thomas due to high cost of shipping and duty and noted that the cost of shipment to USVI from the United States was cheaper than to the Virgin Islands.
Dr. Pickering said Government could not afford to eliminate import duties as it is a major source of revenue for Government.But First District Representative Hon. Andrew Fahie noted that the move will not show results tomorrow in supermarkets and that savings would be very small and would also take some time to be felt and asked how Government would get back the some $3. 7 million it will be losing.
But according to Hon. Fahie, Government needed to go after the cost of freight subsidising some of the local shipping companies and sending them to the mainland and let them return with their freight at a more reasonable price.He also said there was need for legislation for consumer protection as there was no guarantee that the savings would be passed on to the customers.
Third District Representative Hon. Julian Fraser RA, said to lose 3.7 million dollars in revenue as a supposed stimulant to the economy was a joke and said the Government was only hoping that the savings would be passed on to the customers. “You don’t give such money and hope. There must be a plan in place to make sure the money goes where it is intended to go...What is the real intent of the bill? What do you hope to achieve? If it is to stimulate the economy the money we are talking about will not do it.”
Hon. Fraser also said if it is intended to make people stop shopping overseas the bill would also would not facilitate that. There was also an exchange of words around that time between Hon. Fraser and a member of the Government during which time Hon. Fraser remarked “You said the country was broke now fix it” to which the member said “we will fix it”.
“To come and tell people you are going to give them 10 cents on a dollar it’s a joke,” Hon. Fraser stated and also added that the move would just be an opportunity for businesses to increase the prices of their goods by just leaving prices as they are and also an opportunity for them improve their inventory unless Government ensures the savings are passed on to the consumer.
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