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by pltm
(PLTM) - Premier and Minister of Finance, Dr. Natalio Wheatley, has defended the Government’s recent decision to increase the business license fee, based on the fact that the Government has to generate enough revenue to sustain the Territory’s economy.
Dr. Wheatley stated that he understands the concerns.
“We also have to consider the fact that to be able to improve the road infrastructure, to build our schools, to facilitate the health programmes, a government does need revenue,” Premier Wheatley announced at a press conference earlier today, June 24.
In addition, the Premier acknowledged that the increases in the fees would be especially difficult for persons to manage given the dire financial circumstances that are currently confronting the Virgin Islands. For example, there has been public outcry about the rising cost of fuel and the ensuing effect on electricity cost which has resulted in some persons paying more than double their usual amount due to fuel surcharge.
The increase in fees from $150 to $1,500 will apply to Belongers, while non-Belongers will be subjected to a spike from $1,500 to $15, 000. These newly introduced rates will come into effect in 2024.
“That will give us the time necessary to survey the economic environment. We do hope that things improve, and we hope that the war comes to an end. War is not the answer, and it has been causing a lot of challenges for the world’s economy," Dr. Wheatley stated.
He also revealed that Government is hoping to provide the relevant services through the Trade Commission, which would justify and reflect the 10 % increases in fees.
Dr. Wheatley also stated that since the increase takes effect in 2024, this will allow for the Government and other relevant agencies to continuously review the decision.
Based on the review process, Government might decide to suspend the increase as currently intended and instead introduce them on an incremental basis.
“We might have a gradual increase, over perhaps maybe over a number of years. I sympathize with the businesses. I understand how difficult it is and how expensive it is to do business in the BVI right now. There are some measures we want to take that will help businesses and will help consumers,” Dr. Wheatley expressed.
Premier Wheatley also recently stated that the previous Act that was established in 1989, and is currently outdated and untenable for the current business environment in the BVI.
