ROADTOWN Tortola BVI, February 1st, 2012 – Premier and Minister for Finance Dr. the Honourable D. Orlando Smith, OBE at a press conference this afternoon announced plans to lower the cost of goods for sale in the Territory, declare Gun Creek as an official port of entry and initiate a six-day per week ferry service between Tortola and Anegada. Honourable Smith told members of the press, “The fundamentals of my Government’s approach to economic recovery is that we minimise direct contributions into the economy by Central Government via transfers and direct participation and instead provide an enabling environment, so that the private sector as a more efficient and responsive vehicle, can be the main driver for economic growth and development.”
He said one such way to do so is the lowering of the cost of goods by levying duty on Freight on Board (FOB) costs on all imported goods; as opposed to levying duty on cost, insurance and freight as is the current practise.
The Premier noted that many persons opt to shop overseas and spend an estimated $40 million annually and that this initiative may curb the ongoing expatriation of funds.
“If we keep that money in our economy, then our local businesses hire more, turn over their products faster and yes, also pay more taxes. A win-win for everyone,” Honourable Smith said.
Another initiative announced by the Premier is the official declaration of Gun Creek as an official port of entry on March 1.
Honourable Smith lauded Gun Creek as one of the best anchorages in the Caribbean and indicated the benefits to the economy saying, “This is a bold initiative that will require investments upfront, but which we are confident we can recoup in user fees, cruising permits and indirect taxes as a result of increased traffic in the Sound.”
Regarding the ferry service between Road Town, Tortola and Setting Point, Anegada, the Honourable Premier indicated Government’s plans to establish a regular six-day per week schedule for the duration of the tourism season initially, and its intended benefit is to stimulate the economy of Anegada through providing more access to the main island of Tortola. Presently, service is being provided three days a week.
The initiatives announced are an integral part of Government’s programme to improve the quality of life for the people of the Virgin Islands through the implementation of several economic strategies.
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British Virgin Islands News