Government will be reducing all import duties down to 5 percent over a
three-month period to cushion the global rise in prices, which is due to the
increase of oil and fuel following Russia’s invasion of Ukraine.
Premier and Minister of Finance Honourable Andrew Fahie made the
announcement during a media briefing on Friday March 25.
He said all items with a customs duty exceeding 5 percent will be lowered to 5 percent, and all items which currently have a duty of 5 percent will remain at that 5 percent mark.
The premier said the initiative will commence on April 15 and run for a
period of three months in the first instance.
Premier Fahie also said that his government will be reducing the import tax on both diesel and gasoline by 50 percent to ease residents at the pump.