Fuel import duty to reduce by 50%; Customs duty on all goods to reduce to 5%- Premier
According to the Finance Minister, it is his administration’s way of responding and recognising the financial hardships being placed on residents and the business community due to Russia’s invasion of Ukraine.
“In this light, I am pleased to announce that your Government will be taking to Cabinet to have approved an economic stimulus initiative that will have all Customs Duties that are above 5 percent to be lowered to 5 percent. This will be effective from 15 April, 2022, for three months in the first instance,” he said during a press conference held on Friday, March 25, 2022.
He explained further: “So, all goods and services that are being imported into the country that presently carry a Customs Duty of more than 5 percent will be lowered to 5 percent from 15 April, 2022, for three months in the first instance. For goods and services that presently have a duty of 5 percent or less, those charges will remain as they are.”
Premier Fahie said this will be applied across the board to both businesses and residents for the importation of food, clothing, construction materials, marine supplies and equipment, vehicle parts, products for senior citizens and all other items.
Fuel Import Duty to be reduced too!
The Premier also announced that the economic stimulus will be extended to fuel import duties too.
“In addition, your Government is implementing measures to cushion the impact of rising fuel prices on our people. The import duty on diesel will be reduced by 50 percent – from 22 cents per imperial gallon to 11 cents per imperial gallon. The import duty on gasoline will also be reduced by 50 percent – from 32 cents per imperial gallon to 16 cents per imperial gallon,” he announced.
He said this should give persons some relief at the gas pumps and in their pockets.
Savings will be significant
The Premier pointed out that the savings for persons in all sectors will be significant.
“This initiative will go a long way in helping the people of the Virgin Islands to better deal with the economic struggles they may be facing at this time, which are caused by these events that are occurring thousands of miles away and which are not the fault of anyone in the Virgin Islands, but yet who are being impacted as people are being impacted throughout the world.”
He continued: “Not only will this initiative help to ease the burdens on businesses and individuals, but it will help to increase the purchasing power of people across all sectors – allowing persons to be able to stretch their dollar a bit further during these challenging times, help them to maintain their standard of living and also helping to keep the economy stimulated, much in the same way your Government was able to do during the earlier and more critical stages of the COVID-19 pandemic.”
The Premier also mentioned that to ensure that the savings are passed down to the consumers, the Government will conduct monitoring exercises through the Trade Department in collaboration with other Governmental agencies on businesses.
Premier Fahie said this initiative was championed by his At Large team of Hon Carvin Malone, Hon Sharie B. de Castro, Hon Shereen D. Flax-Charles and Hon Neville A. Smith.
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14 Responses to “Fuel import duty to reduce by 50%; Customs duty on all goods to reduce to 5%- Premier”
50% for the rich. Sound fair to some. Lord what a field day. Why also give them a 5% reduction?
Fifty (50) plus is 55. Five (5) plus 0 remain 5 minus plus sign is 5.
We need economic Independence in this area. Don't we? If not, things will continue as they are, and get worse over time. Our children, and Grand children future is at stake, if we don't fastly act peacefully against political economic imbalances, in my honest opinion.