Premier Fahie announces more tax cuts on cement, propane gas imports
The Premier made the announcement during a government update, today, April 14, 2022, alongside Minister for Health and Social Development, Hon Carvin Malone (Al).
More tax reductions
The announcement comes on the heels of a previous March 25, 2022, decision to reduce all customs duties on imports that are above 5% to be reduced to 5% effective April 15, 2022, for the next three months in the first instance.
With businesses and private citizens said to benefit from the initiative, the import duties on diesel and gasoline were reduced by 50% from 22 cents to 11 cents per imperial gallon for diesel and from 32 cents to 16 cents per imperial for gasoline.
He said the move was approved by the cabinet with further tax-mitigating measures that will reduce the cost of a wide range of consumer goods including foods, clothes, building materials and vehicle parts.
“Cabinet has also approved as part of the policy the reduction of import duties on cement and propane by 50% of their current rate, from 18 cents to 9 cents per 100 lbs of cement and $1.20 cent to 60 cents per 100 lbs of propane,” he added for the next three months.
Stimulating the local economy
According to the Premier, the moves will keep the economy stimulated with the added advantage of zero import duties on green equipment and supplies.
To ensure that savings and benefits are passed on to consumers, Premier Fahie said Government through the Trade Department will be monitoring businesses by comparing prices declared to customs against prices on the shelves.
“Your government urges businesses to pass on the benefits from the reduced import duties to consumers. When you support your consumers, they will be able to continue supporting your business,” Hon Fahie added.
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8 Responses to “Premier Fahie announces more tax cuts on cement, propane gas imports”
Cut phone bills and water bills for 3 months. Increase 0% tax up to $15 or 20k. Give every tax paying citizen a $150 voucher for groceries every month for the next 3 months which is less than $1m. Give a $50 gas voucher for every tax payer in goodstanding for gas or propane which is $1million. If you seriously want to offset the inflation that people are feeling.