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#98189
05/23/2016 05:27 PM
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Joined: Oct 2000
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Taxes on tobacco products going from less than $0.50 to 50% of the value of the product. Alcoholic products going to 25% of the value of the product. These are just a few of the many changes in taxation. Starts mid June. <img src="http://www.traveltalkonline.com/forums/images/graemlins/duh.gif" alt="" />
Last edited by tpcook; 05/23/2016 05:29 PM.
tpcook
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It's possible that not only sin taxes will be affected. The government is considering adding a 7% accommodation tax on yacht charters and a climate control trust fund tax ... whatever that is. Stay tuned for more info coming soon. I wonder if anyone remembers why the cruising tax was implemented. It was supposed to be the equivalent of "room tax" for charter yachts. I wonder if that will be rescinded? This could be very unfortunate news for the charter industry (in the BVI) I'm afraid. If it does go ahead, it would appear the government really is going after the higher end visitors ... aside from the coveted cruise ship passengers, that is.
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Any references on these proposed taxes available online or is this hearsay?
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Zanshin said:
Any references on these proposed taxes available online or is this hearsay? I rec'd an email from one of the charter companies I represent. That's as much as I know. As I said, it is "possible". This is the first I've heard of it. I don't know how the government could implement the sin taxes by sometime in June as I would imagine most of the stores will have a lot of internal changes to make. I mean, all of their accounting systems will need to change, receipts, etc. It's not something that can be accomplished overnight, particularly for those with large inventories.
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The liquor, cigarettes, and even personal computers are all taxed as a duty at the border and not a point of sale or sale tax charged to the end user by the retailer. So theoretically it could be done overnight. Last I heard only the total amount of +/-$26 Million in annual increases had been decided. When it comes to alcohol there is debate on a flat bottle tax versus a percentage. With a duty the retailer could raise all their prices immediately or phase it in slowly with each new purchase. the aim for government is to raise $20.5M in additional revenue in 2016.
The Premier said that in addition to the measures instituted in 2016, in 2017 Government expects to adopt a modern, more progressive payroll tax system to promote equity while maintaining the simplicity of the current tax structure.
He said that this administration will also introduce innovations to tax collection methods, thereby improving efficiency and reducing the costs associated with collections; and also review and revise the current stamp duty regime.
“Our expectations are, that in combination with the measures taken, we are projecting total additional revenue of $26.2M,” Premier Smith announced.
"Government also plans to introduce an environmental levy and to harmonise the existing fee and tax structure for hotels and yachts. There are plans to also review and revise the current marine fees structure by consolidating existing fees and creating a collection system."
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hmmm, only on imported alcohol... Sebastian's Rum local or import?
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Only locally produced alcohol I am aware of is Callwoods Arundel Rum and beer from Foxys microbrewery. Sebastians I believe is Bahamian and I think Foxy's rum is also imported.
My foot fits right into my shoe and my shoe will fit right into your...
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Without words - shocked at the significant increase on hard alcohol! Poor timing on behalf of the government - at the start of low season.
At this rate, Pirates wont be the only establishment sporting $14 drinks.
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Love the comment from Teresa Callwood.
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d_fish said:
Without words - shocked at the significant increase on hard alcohol! Poor timing on behalf of the government - at the start of low season.
At this rate, Pirates wont be the only establishment sporting $14 drinks. The BVI is just paying catch up with the USVI and their recent tax increases. Going back to at least February the BVI leadership has been very clear with their plans to raise close to $30 million more annual through duties, taxes, and fees. "The tax increase will take effect Jan. 16, according to Marvin Pickering, director of the Virgin Islands Bureau of Internal Revenue.
The USVI’s hotel room tax is 12.5 percent of the gross room rental, meaning it includes the gross room rate plus any additional charges such as energy surcharges and maintenance fees.
Crucially, the tax applies to every guest that resides in a hotel, villa, timeshare, inn or any other sleeping accommodation for less than 90 days."
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Time to join my NBP..The Non Belonger Party..our slogan?:
"We've got no vote..we've got no say..all we do is pay and pay!!!!!"
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Manpot said:
Time to join my NBP..The Non Belonger Party..our slogan?:
"We've got no vote..we've got no say..all we do is pay and pay!!!!!" And of course you will have to get in a separate and designated line then wherever you go.
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Government says, we aren't making enough money from the tourists who choose to come here. We need to make it more expensive for them to come here and take that extra money off the top as our fair share.
Somehow completely jumping over the point that "government" does not provide services to tourists. Government exists to allow < business> to < offer services> and under this ???? policy, < business > will have to pay up front to offer the "guest services" before they see ANY green from a " guests'" wallet.
I guess this is going to be an interesting time in the economy of the BVI.
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I think they also seem to forget that most visitors have a budget as well. While we eat and drink out, we don't do it every night and tend to base the frequency on the cost.
I imagine higher costs of alcohol will hurt the bars most, because its easy to make much cheaper drinks on the boat already.. the tax (even though both will pay it) may increase that gap.
Matt
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If the bars and restaurants have to start adding a tax where are they going to hide the "service charge" on the bill? <img src="http://www.traveltalkonline.com/forums/images/graemlins/dine.gif" alt="" />
Norma
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Bars and restaurants won't have to add the tax to the bills - it will be a tax they pay when purchasing their supplies.
Matt
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Yes, ^^ this.
In order to have an inventory to build " boat drinks", it will be the bars and restaurants who pay up front for the taxes on inventory. That is THEIR expense. They then have to TRY and recoup that expense from patrons, and also TRY to make a profit OVER expenses.
If " boat drinks" become more expensive than patrons are willing to buy, it is the local business owner who is stuck with inventory they cannot sell, and that represents inventory that will not be replaced, and if they are not buying product because they aren't selling product........ the government isn't making money.
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LocalSailor said:Manpot said:
Time to join my NBP..The Non Belonger Party..our slogan?:
"We've got no vote..we've got no say..all we do is pay and pay!!!!!" And of course you will have to get in a separate and designated line then wherever you go. <img src="http://www.traveltalkonline.com/forums/images/graemlins/Clapping.gif" alt="" /> <img src="http://www.traveltalkonline.com/forums/images/graemlins/Clapping.gif" alt="" /> <img src="http://www.traveltalkonline.com/forums/images/graemlins/Clapping.gif" alt="" /> <img src="http://www.traveltalkonline.com/forums/images/graemlins/Clapping.gif" alt="" /> Signed, Non-Belonger (party of me)
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SoakInSaltwater said:If the bars and restaurants have to start adding a tax where are they going to hide the "service charge" on the bill? <img src="http://www.traveltalkonline.com/forums/images/graemlins/dine.gif" alt="" /> <img src="http://www.traveltalkonline.com/forums/images/graemlins/jester.gif" alt="" />
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