VI businesses urged to pass on benefits from reduced import duties to consumers
While it has made that plea, government has also notified that it will be monitoring business to ensure the savings are passed on.
Economic stimulus
On March 25, 2022, Premier and Minister of Finance Hon Andrew A. Fahie (R1) announced an economic stimulus where all Customs duties on imports that are above 5% will be reduced to 5% starting April 15, 2022, for the next three (3) months in the first instance.
Goods and services that are currently at 5% or less will remain the same.
Additionally, it was announced that the import duty on diesel and gasoline would be reduced by 50% of their current rate, from 22 cents to 11 cents per imperial gallon for diesel, and from 32 cents to 16 cents per imperial gallon for gasoline.
Cabinet on April 13, 2022, also approved the reduction of import duty on cement and propane by 50% of their current rate, from 18 cents to 9 cents per 100lbs of cement and $1.20 to 60 cents per 100lbs of propane.
Monitoring of businesses
Premier Fahie, during an update on April 14, 2022, said to ensure that the savings and benefits are passed on to consumers, Government will be monitoring businesses through the Trade Department with its consumer protection function and in collaboration with various government agencies.
“This will include comparing the prices declared to Customs when stock is imported by businesses against the prices on the shelves. The same will be done for gasoline and diesel fuel.
“Your Government urges businesses to pass on the benefits from the reduced import duties to consumers.”
‘Do good & good will follow you’- Premier
Premier Fahie reasoned that when businesses support their consumers, they will be able to continue supporting the businesses.
“It is the circle of life and the circle of the economy. Do good and good will follow you.
“We are in this together and together we will rise stronger and better than ever before,” Premier Fahie said.
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13 Responses to “VI businesses urged to pass on benefits from reduced import duties to consumers”
The gas is fine with the reduction but the cement is already .18cent per 100lb. What lower are we looking for. The government is already calling chapter 11 and here they are reducing all these import duties, where are they going to get money to complete all those projects and other bills they have to pay. This government is the opposite of robin hood, they taking from them selves to riches the rich.
It looks as if some wealthy set have high end goods to be imported and are greasing the palms of this government with the difference in the duty. I'm just saying.....
WHERE IS THE SAVING ????????