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Renewable Energy Products, Items Get Duty Free Waiver For 2 Years

Renewable Energy Products, Items Get Duty Free Waiver For 2 Years

For the next two years, Cabinet has decided to waive the customs duty rate on all renewable energy products and items coming into the British Virgin Islands.
This was announced via a post Cabinet meeting report issued on Thursday, August 19.

Governor John Rankin, chaired the online meeting on 11th August, 2021 when the decision was made.
Notably, all members were present, with the exception of the Minister for Transportation, Works and Utilities Hon. Kye Rymer, who was overseas on private business.

The report said Cabinet: “Reviewed and: approved the Customs Management and Duties (Amendment to Schedule 4) Order, 2021, which seeks to amend the rate of customs duty applied to all imported renewable energy products/items, energy efficiency product/items and LED products/items as follows: i. that a zero customs duty rate be applied to any renewable energy product/items being imported into the Territory for a period of 2 years with effect from 1st July 2021 to 30th June 2023.”

It said Cabinet also agreed that after the two-year duty-free period, the customs duty applied to all renewable energy products/items being imported into the Territory be reduced to 10 per cent across the board and a zero customs duty rate be applied to any energy-efficient products/items being imported into the Territory for a period of two years.

Regarding the latter, Cabinet decided that after the two-year duty free period, the customs duty applied to all energy-efficient products/items being imported into the Territory be reduced to 10 per cent across the board.

In the meantime, the decision making body decided that no customs duty rate be applied to any LED product/items being imported into the Territory for a period of two years, with effect from 1st July 2021 to 30th June, 2023.

Furthermore, Cabinet greenlighted that after the two-year duty-free period, “the customs duty applied to all LED products/items being imported into the Territory be reduced to 15 per cent across the board.”

This order will be tabled in the House of Assembly by resolution, the statement informed.
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