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Sin taxes going up big time
#98189
05/23/2016 05:27 PM
05/23/2016 05:27 PM
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Joined: Oct 2000
Posts: 4,267 Vero Beach, Fl and South Sound...
tpcook
OP
Traveler
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OP
Traveler
Joined: Oct 2000
Posts: 4,267
Vero Beach, Fl and South Sound...
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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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Re: Sin taxes going up big time
[Re: tpcook]
#98190
05/23/2016 06:20 PM
05/23/2016 06:20 PM
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Joined: Feb 2008
Posts: 826 Tortola, BVI
LianeLeTendre
Traveler
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Traveler
Joined: Feb 2008
Posts: 826
Tortola, BVI
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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 I wonder if that will be rescinded?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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Re: Sin taxes going up big time
[Re: Zanshin]
#98192
05/23/2016 07:03 PM
05/23/2016 07:03 PM
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Joined: Feb 2008
Posts: 826 Tortola, BVI
LianeLeTendre
Traveler
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Traveler
Joined: Feb 2008
Posts: 826
Tortola, BVI
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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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Re: Sin taxes going up big time
[Re: LianeLeTendre]
#98193
05/23/2016 07:55 PM
05/23/2016 07:55 PM
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Joined: Nov 2014
Posts: 1,049
StormJib
Traveler
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Traveler
Joined: Nov 2014
Posts: 1,049
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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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Re: Sin taxes going up big time
[Re: Mardi_Gras]
#98196
05/23/2016 10:23 PM
05/23/2016 10:23 PM
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Joined: Mar 2008
Posts: 8,530 Ya never know...
HillsideView
Traveler
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Traveler
Joined: Mar 2008
Posts: 8,530
Ya never know...
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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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Re: Sin taxes going up big time
[Re: d_fish]
#98199
05/24/2016 09:00 AM
05/24/2016 09:00 AM
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Joined: Nov 2014
Posts: 1,049
StormJib
Traveler
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Joined: Nov 2014
Posts: 1,049
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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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Re: Sin taxes going up big time
[Re: Manpot]
#98201
05/24/2016 02:26 PM
05/24/2016 02:26 PM
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Joined: Jun 2011
Posts: 1,347 USVI
LocalSailor
Traveler
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Traveler
Joined: Jun 2011
Posts: 1,347
USVI
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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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Re: Sin taxes going up big time
[Re: Breeze]
#98203
05/24/2016 04:45 PM
05/24/2016 04:45 PM
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Joined: Sep 2010
Posts: 5,720 Massachusetts
maytrix
Traveler
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Traveler
Joined: Sep 2010
Posts: 5,720
Massachusetts
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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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Re: Sin taxes going up big time
[Re: maytrix]
#98204
05/24/2016 04:53 PM
05/24/2016 04:53 PM
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Joined: Feb 2008
Posts: 517 Michigan
SoakInSaltwater
Traveler
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Traveler
Joined: Feb 2008
Posts: 517
Michigan
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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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Re: Sin taxes going up big time
[Re: SoakInSaltwater]
#98205
05/24/2016 04:55 PM
05/24/2016 04:55 PM
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Joined: Sep 2010
Posts: 5,720 Massachusetts
maytrix
Traveler
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Traveler
Joined: Sep 2010
Posts: 5,720
Massachusetts
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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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Re: Sin taxes going up big time
[Re: LocalSailor]
#98207
05/24/2016 05:41 PM
05/24/2016 05:41 PM
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Joined: Aug 2013
Posts: 503
ski2play
Traveler
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Traveler
Joined: Aug 2013
Posts: 503
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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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Re: Sin taxes going up big time
[Re: SoakInSaltwater]
#98208
05/24/2016 09:04 PM
05/24/2016 09:04 PM
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Joined: Dec 2005
Posts: 10,213 GJ, CO S/V Long Overdue
sail2wind
Traveler
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Traveler
Joined: Dec 2005
Posts: 10,213
GJ, CO S/V Long Overdue
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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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