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Many more ‘new’ money-making initiatives to come – Premier Fahie

Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) has said, in spite of the difficult fiscal climate caused by the global pandemic, the Government of the Virgin Islands has many more innovative money-making initiatives are on the horizon. Photo: VINO/File
In a historic move for the Virgin Islands, legislation was passed in the House of Assembly (HoA) to allow regulated gambling in the Virgin Islands, effectively paving the way for Parimutuel Wagering and casinos to be established in the Territory. Photo: Cox HS Hub
In a historic move for the Virgin Islands, legislation was passed in the House of Assembly (HoA) to allow regulated gambling in the Virgin Islands, effectively paving the way for Parimutuel Wagering and casinos to be established in the Territory. Photo: Cox HS Hub
The VI 'Medicinal Cannabis Licensing ACT, 2020' essentially paves the way for the territory to establish its own medicinal marijuana industry, through the cultivation of special strains of cannabis on local farmlands, by local marijuana farmers. Photo: Internet Source
The VI 'Medicinal Cannabis Licensing ACT, 2020' essentially paves the way for the territory to establish its own medicinal marijuana industry, through the cultivation of special strains of cannabis on local farmlands, by local marijuana farmers. Photo: Internet Source
The seven percent levy on money transfer services was also an initiative implemented by the Virgin Islands Party (VIP) Government. Photo: VINO/File
The seven percent levy on money transfer services was also an initiative implemented by the Virgin Islands Party (VIP) Government. Photo: VINO/File
ROAD TOWN, Tortola, VI- In spite of the difficult fiscal climate caused by the global pandemic, the Government of the Virgin Islands has said many more innovative money-making initiatives are on the horizon.

Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) made the remark on Friday, July 31, 2020, during the Thirteenth Sitting of the Second Session of the Fourth House of Assembly (HoA).

“We are also involved in many areas in trying to increase revenue,” he said.

“We have several plans on how to create new revenues, but at the same time, we have to be mindful of our expenditure based on the revenues that have been lost thus far. We have to be vigilant, and we have to also have to move towards the new initiatives, many of them we have passed already, many more to come and many more to be announced,” he stated.

Some of the initiatives intended to bring in revenue to Government include the Virgin Islands Gaming and Betting Control Act 2020, which effectively paves the way for Parimutuel Wagering, lotteries, and casinos to be established and the VI 'Medicinal Cannabis Licensing Act, 2020'. Both controversial legislations were passed in June 2020.

There was also the seven percent levy on money transfer services.

More accountable

Hon Fahie said, going forward, his administration will be continuously monitoring the economic climate and making adjustments.

“One of them I could say for sure I’ll be announcing is some of the adjustments we have made in a move to be more transparent and accountable during pandemics and catastrophic events of the usage of the petty contract system in an accountable manner,” he explained.

He continued: “So that we can be able to bring our people along economically even in the midst of COVID-19 and some of the projects which we will be using this for.” 

The Premier also mentioned that there are signs that indicate that the economy is starting to bounce back from the effects of the pandemic.

21 Responses to “Many more ‘new’ money-making initiatives to come – Premier Fahie”

  • W*F (06/08/2020, 14:40) Like (32) Dislike (2) Reply
    How is gambling a revenue generating initiative to the country with no tourists? The house always gets a take. We just passing money between people and the house taking some each time. No tourists mean no money into the economy. Where is the plan for that?!
  • west end (06/08/2020, 14:54) Like (2) Dislike (21) Reply
    Premier thanks for all what you did and is doing to protect our country from what is happening with COVIT if other thingshas to be done to help raise money they will have to e done take a look at the united states everyday it is a new something please do not let people tell you what you must do to a certian extent all other governments in the caribbean is impleminting measures to help and aave their people so why we in the bvi cannot do the same the Lord is looking over the caribbean countries including the bvi Premier do not let nothing steer you off your course I am praying that every thin continue in good faith
  • yikes (06/08/2020, 15:04) Like (13) Dislike (1) Reply
    Watch out before they ask for your kidney next
    • Wasn't Fraser (07/08/2020, 05:58) Like (61) Dislike (2) Reply
      Thought Frazer was VIP Problem.. I was wrong. There was a deadly hateful snake lying quietly....
  • pat (06/08/2020, 15:22) Like (8) Dislike (31) Reply
    Andrew you doing a good job
  • Lucifer (06/08/2020, 16:10) Like (13) Dislike (3) Reply
    Maybe an oxygen tax on the expats and other non locals. Only right they should pay to breathe the same air as the hallowed belongers. Id suggest a calorie tax but looking Fahie can't see him going for it
  • What? (06/08/2020, 16:40) Like (4) Dislike (0) Reply
    what about the people who have invested in tourisim based ventures and their invest now wastes away, never mind new ventures to take the money out of weak willed individuals open the borders in a controlled manner and decide on a date and stick to it so people can book holidays with confidence instead of all the knee jerk reations your admisitration are making. People are booking elsewhere, taking their boats elsewhere.
  • Eu (06/08/2020, 17:18) Like (6) Dislike (0) Reply
    Here’s an innovative idea. How about an income tax and make it progressive so those earning over $100k a year are paying more than those earning $60k. Can the BvI expect the rest of the world to pay for it indefinitely? I think not.
    • huh (06/08/2020, 17:59) Like (1) Dislike (1) Reply
      Maybe like a payroll tax - oh we already have that tax so people earning $100k do pay more tax that those earning $60k - 7.5% of the difference is $5,600 more payroll tax paid by the employer and employee.
      • perhaps (06/08/2020, 18:28) Like (2) Dislike (0) Reply
        Perhaps Eu meant "those over $100k should pay at a higher rate"..... Like they do in the UK?
        • tax and spend (07/08/2020, 08:39) Like (0) Dislike (0) Reply
          Indeed, that's the progressive reference.

          But seriously, you reckon that payroll tax at that level equates to a proper income tax? look around the world and look at countries which pay their own way. the IBC was like striking gold or oil - free money for the BVI, paid for by consumers elsewhere, without the need to add any value to it. but it is likely to be finite. one day the bvi will need to generate its revenues from within the bvi rather than outside and that means taxing its people one way or another.
  • wondering (06/08/2020, 19:48) Like (3) Dislike (1) Reply
    Here is an idea, lets get Hydroxychloroquine sold over the counter in the BVI. India uses lots of it and they are #29 on the Deaths per million list. UK is #3 and the USA is #10. Hydroxychloroquine and Zinc works, then we can open our borders. Who doesn't want to take it don't have to but those of us who want to should be able to buy it as other people in the world over the counter. This is a proven drug good for many ailments including diabetes. If you are going to try gambling, and marijuana, why not try HydroxyChloroquine???
    • Lucifer (07/08/2020, 08:44) Like (1) Dislike (0) Reply
      Paracetamol is also a proven drug to treat many ailments but doesn't mean it will do squat for COVID. Given that Hydroxychloroquine has been linked to cardiac problems, I would suggest that it would be a bad idea for a lot of people here given the levels of obesity that are apparent.
  • circus (06/08/2020, 21:20) Like (1) Dislike (0) Reply
    An ju really turning bvi into Atlantis
  • Lord o (07/08/2020, 05:43) Like (3) Dislike (0) Reply
    Finding ways to add more taxes to the people you hate...xpats..... What a man sow he shall reap
  • Stubborn bully (07/08/2020, 05:55) Like (2) Dislike (0) Reply
    Open up the country, collect deaprture tax, lots of people want to leave go until things get better thats a lot of money in departure tax...Then put safety measures and procedures in place for who wants to come, Do like St Vincent a test then stay in a hotel for two days quarantine...U can charged each arriving passenger $40.00 fot the test, in this way everyone makes money, the hotels, restaurants, guest houses, the economy, .....Done with your bully hateful ways and start thinking like a compasionate leader....
  • GG (07/08/2020, 16:20) Like (0) Dislike (0) Reply
    Stop acting like a kid, why hiding what you have to say until Sunday. This is just a game for you. GAMBLING? That's your solution, wow!! People have no money, and if people start gambling and get addicted what you think will happen.... Be smart
  • Hmmmm (07/08/2020, 16:51) Like (0) Dislike (0) Reply
    The petty contract system need to return post haste to put a lot of people back to work. Historically it was done to save the economy and it should be used to do it again. Contracts of three to five thousand dollars max need to start going out and put a lot of the small guys and gals to work.
  • vi (08/08/2020, 07:52) Like (3) Dislike (0) Reply
    Open the dam place man I need to work I getting hungry
  • Teaoisach (09/08/2020, 10:49) Like (0) Dislike (0) Reply
    Why don’t you open the country - you have the infrastructure already. You are slowly killing your main income source for the islands. Face the reality - the BVI has one thing going for it - and if you kill it - you have nothing.
  • Paranoia1 (09/08/2020, 21:05) Like (0) Dislike (0) Reply
    What does it mean ..When the Preacher..States "For God So Loved The World"Apparently our
    Concept of WORLD...Is quite different to that of God....Was it Man or God that created the
    Pandemic!......And why are we now Talking about NEW Normal and clinging desperately to the Old..
    We are yet undecided as to who is Ruling the World..And responsible for creating the Future..We
    Are,Now Very Anxious and looking for a quick Fix...


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