25% Duty Rate Takes Effect On April 1st
Effective 1st April 2012, there will be a new standard 25% import duty rate for nonbusiness goods. “Special” rates of duty, including zero-rates [0%]; higher rates [33.5%, 75%, 150%]; and specific rates [e.g. litres or litres of alcohol], will remain unchanged.
The standard 25% duty rate and the special rates will be paid for goods imported by personal taxpayers; while the duty rates specified in the First Schedule to the 2012 Customs Tariff will be paid for business goods
It was recently reported that the vast majority of people aren’t deterred by this increase in import duty. So I guess another approach to ‘encourage’ people to buy Bermuda is needed? This one didn’t work.
So much for harmonizing, notice they’ve set the duty at 33.5% for the first item!
Governement corruption at it’s finest!
PLP stealing from us since 1998, got to love them!!
I would encourage people to read through our Customs Tariff. Retailers have been given more relief and exemptions than ever in Bermuda’s history. Duty rates have even been reduced. Those savings haven’t bee past onto the consumer. If anything…we’re stealing from each other. If our government can and or should be blamed for anything. It would be a lack of foresight and or oversight.
don’t get it twisted, this was NEVER about encouraging people to buy Bermuda. The amount of reported retail sales has decreased over the last 3 years, but so has the amount of declared goods imported. This is ALL about additional revenue. this is the last straw PLP, u’ve lost another vote.
“don’t get it twisted, this was NEVER about encouraging people to buy Bermuda”
I know, but that was the reason given
Who… what… who is this yellow faced imposter with the smile on his face???????????………
LOL
Still cheaper than buying Bermuda! Reform needs to happen at the retail level here, this duty hike really puts those who cannot find adequate items on island at a disadvantage ie plus sized individuals and children’s wear and so on. The PLP are hurting the poorer demographic the most through this, as the rich won’t care since they probably buy Bermuda at the exorbitant prices anyway. They are hurting the same people that voted them in…incredible.
You got it..
I thought it was supposed to be 25% across the board…Everything went up and they cant give us a 8.5% break on vehicle parts?
They were hoping you would miss the fine print:
‘Everything UNDER 25% duty, unless duty exempt’ goes UP. The stuff OVER 25% certainly isn’t coming DOWN.’
Question: Is a boat considered a vehicle?
Boats would be listed under miscellaneous it was @ 55%. Checks the new rates for an relean changes
I think some of you people, complain just to complain. The rate of duty on batteries and electrical engine and parts has always been 33.5%.
No it wasn’t, 2 years ago if you brought in any of those items for “accompanied Personal goods” it was 25%. Now they have changed the rates in an effort to screw us over!
It was always 35%. Think yourself lucky to have paid the 25%
In a time of a recession the government goes up. It does not add up. smh bah
okay, so this is for accompanied goods. What about the non accompanied goods, i.e., shipped in?
Going up to 25% as well…
The Rich Never Suffer!!! PLP . Your own hurting the loyal Bermudian no mater what skin color.
Thanks A lot !!!
And Thank you to the voters who vote you in as well !! So Uneducated it’s not even funny. SMH
…And I will continue to shop abroad, refuse to walk around Bermuda looking like a clone buying the same clothes and goods….and it STILL works out cheaper and more benificial in the long run to shop abroad. They will have to try something else (a lot more) to Make me “Buy Bermuda”
And I will second that my sentiment exactly
When you pay duty the increased rate it will go to Government; boycot them period do not buy period and then they will see what a screw up they made. What they should have done is given retailers a tax relief.
If you take all the emotional hype out of what is being said, you would realize that we have been given back what we once had as duty allowance some years back when it was $200 per person at 25%, so the real culprits IS NOT THE P.L.P, it is the retailers that have been ripping us off for years and now they are complaining because we have disturbed their level of comfortable living off of the hard working class population they have stolen from, so DONT BLAME P.L.P for something that they did not do, look around you and see who really has the wealth and how you think they got it for the most part.
DPP-Talk about a poorly written run on sentence that is drival and says nothing and means nothing and could only be penned by a 6 year old and is very silly and,and,….
Don’t skew the truth. No we haven’t been given back what we had in the past. In the past it was $200 at 25%.
Now it it varies, some items are now 33.5% which is totally the P.L.P.’s doing!
last time i checked DPP – its the PLP who allowed it. how much respect do you have for the parent of an unruly child if the don’t discipline them? retailers fault or not, you allowed it. and don’t say it was to help them, it was only to make more money on your part. we’re not all that stupid.
The problem is the convoluted way Government collects revenue – in most countries tax is paid according to performance, i.e on business profit and individual income. In the least, in Bermuda, importers pay taxes up front before they have made a single penny whilst whole swathes of the economy including service industries, doctors, lawyers, accountants, dare I mention IB are comparatively untaxed. If import rates are to come down, either Government must shrink or the burden must be shared more equally across business sectors. Also, the 25% is totally unfair to those on lower incomes or with larger families, which is why income tax bands are not as outrageous a suggestion as might first appear.
If Bermuda Government was really interested in helping the retailers they would have given the retailers a tax relief (no taxes on goods for a certain period of time) to help them a.) lower their prices and b.)be able to provide more variety and stay in business.
But, No, they increase duties; monies coming in to them, so people will not shop Bermuda and whatever little people shop abroad the duty monies will go to Government. Rememebr retailers you will have to pay these duties too so shoes and clothes will go up. Think I will make due with what I have in my closet for a while……..now see how many business close? Now see how much more money Government has to mismanage; I am sure they will find another person somewhere stealing and rake them over the coals for thier lake of putting in the proper procedures. Losers….! I will NOT vote for you this year; did before not now!!!!