Not broke but taxes/fees to increase
“You would agree with me that it is monies well spent. That is how we have chosen to use some of the revenues paid into the treasury and I dare anyone to say that this money was wasted,” he said.
The Premier said that for the year 2016 the territory expects revenue in the amount of $330,846,500.00 and that this sum is larger than has been collected in previous years.
“Notwithstanding evidence, there are those who will make you feel that Government has no money. But that is not the point here. The point is that the demands being made on that revenue stream are greater than ever. But let me assure you that our revenue streams remain intact,” said Premier Smith.
Reminding that he had told the House of Assembly last week that the cash balances in the Consolidated Fund amounted to $6 million, he said that as an operating account its transfers and balances are never stagnant.
“The rising and falling or revenue and cash that goes out as expenditure to pay bills. However, it is important to note that it does not tell the whole story.
According to the Premier, the Reserve Fund, the Emergency Disaster Fund and now this, and excluding cash receivables from the Financial Services Commission, the Government of the Virgin Islands had on hand over $71 million in cash assets.
“Certainly this is not symptomatic of a broke Government but of one that is very diligent in the segregation of its cash assets,” Premier Smith said.
Government continues to claim that the country is not broke but the story on the ground is quite the contrary with many contractors, vendors and musicians owed monies for months and schools lacking basic teaching aids and supplies.
New taxes and fees
The Premier said that based on the challenges from the international scene the territory has not been able to achieve in the past few years what it had become accustomed to in the past. He said despite this the demands of the public and visitors and from the international regulatory community have grown.
“This means that new revenue streams are needed to handle our commitment and obligations. We have to change the old way of doing things if we are to survive,” he said.
The Premier said the work permit structure would be changed so that the fees will be more in line to what is charged in other overseas territories.
Rates of duties granted on the CIF value of items brought into the territory will be increased. There will be a more aggressive approach to the collecting of taxes and fees.
He said these measures are expected to rake in some $20 million in revenue to the treasury.
In addition to these measures, the Government is to establish a more "progressive tax system" in 2017 to improve efficiency and reduce the cost associated with tax collection.
The fee structure for hotel and yachts is to be harmonised also, said Premier Smith, with the aim of consolidating existing fees and making the system easier to monitor.
According to the Premier, 2016 is expected to be a conservative year but that things should get better in 2017 and 2018.
54 Responses to “Not broke but taxes/fees to increase”
"N D P" (NATIONAL DOSE OF POISON). THE MOST UNCARING, HATEFUL, EVIL & INCOMPITENT GOV'T I HAVE EVER SEEN IN THIS COUNTRY. GOD WILL DEAL WITH THEM.
God don't sleep tho!!
This government really ph$%*#@g up this country and its people . Millions spent n the poor got to pay for it all. Sad
Taxes to pay for stupid decision after stupid decision after stupid decision. We need an alternative to this bunch of greedy gluts
We need a new government pronto!:
This is an SOS from the SS BVI
Location off the coast USVI
SOS! SOS! Mayday! Mayday! Mayday!
Help! Help!
Captain this ship is sinking
Captain these seas are rough, oh yes
We gas tank almost empty
No electricity, we oil pressure reading low
Shall we abandon ship
Or shall we stay on it and perish slow
We doh know, we doh know
Captain you tell we what to d
To future voters! Be wise: If you don't want to vote VIP members then "vote for individuals" and have then form an administration that would effectively run this beautiful nation. BE WARNED!
1. Increase passport fee
2. Increase departure tax
3. Implement NHI
4. Increase Taxes
5. Increase work permit
AND there is still more to come.
Now is it just me or does it seem like none of this is really helping the country or its people? I know not everything a government does everyone is going to like but who is this really benefiting more than the government itself. A government that willfully ignores its people is no government to me. NDP = Neglect De People