The Duty Free Shopping System that was setup at the Pier Park almost two years ago is working well, Legislators were recently informed.
On July 14, 2015 the House of Assembly passed the “Tourist (Duty Free Shopping System) Act, 2015”, which established a tourist duty free shopping structure at the Pier Park. During the Standing Finance Committee deliberations Deputy Commissioner of Customs, Mr. Leslie Lettsome provided an update on the system.
He explained that Duty Free process was working as intended, and explained that duty free cargo is cleared under a bond system ---where goods sold are recorded as local or international. He further noted that only the international sales are duty free.
Mr. Lettsome also pointed out that there are checks and balances in place to safeguard the integrity of the duty free system.
In 2015, the Duty Free Bill was presented by Premier and Minister for Finance Dr. the Hon. D. Orlando Smith who explained that the whole question of duty free shopping has been around for a long time. Hon. Smith stated that the Act that was passed allows for duty free offering in various parts of the Territory as any place that the Minister so desires can be declared as a duty-free shopping zone.
Hon. Smith explained that the way the system works is that persons who purchased items within the duty-free zone would not be required to pay duty on those purchased items. It was noted that the provision is mainly for visitors.
- Source: BVIHotpress.com