It took less than 18 minutes for Premier Dr. Orlando Smith to make three announcements he called “vital to our economy” Wednesday afternoon. He said government will be lowering import duties, declaring Gun Creek a port of entry, and contracting six-days-a-week ferry service between Anegada and Tortola.
In an effort to bring some of the $40 million that Virgin Islands residents spend shopping overseas back to the territory, government’s new policy is to calculate duty charges based on the cost of the freight rather than the former method based on the item and the cost to ship it, Dr. Smith said. He called the new policy a “promise kept.”
The government will give up $3.7 million in revenue under the lower duties, Dr. Smith said, adding that he expects businesses to pass along their savings to consumers.
The Ministry of Finance and the National Business Bureau will jointly oversee the initiative, Dr. Smith said.
See the Feb. 2, 2012 edition for full coverage.