TORTOLA, British Virgin Islands, CMC—Premier Dr. Natalio Wheatley has signaled that his authorities will quickly reintroduce the up to date Industrial Leisure Vessel Licensing Act, 1992 (CRVL), after efficiently negotiating with the USA Virgin Islands (USVI).
The invoice—first launched in January—seeks to revise the charges charged by the BVI to USVI-based constitution vessels.
Nonetheless, following pushback and threats of reciprocal tariffs from the USVI, the Home of Meeting handed the invoice. On the identical time, each territories labored towards a mutually useful settlement for his or her interdependent constitution industries.
Earlier this week, the BVI and USVI concluded these negotiations, selecting price constructions and operational measures that assist each economies. In a press release, Premier Wheatley confirmed that the federal government is now ready to finalize the amended laws.
“The Authorities of the Virgin Islands will formally current the revised laws—the Industrial Leisure Vessel Licensing Act, 1992 (CRVL)—the Modification Invoice acquired its first studying on Tuesday, seventh January. The invoice’s second studying is on the order paper of the present energetic sitting within the Home of Meeting,” the assertion stated.
In the course of the March negotiations, the BVI proposed new charges for foreign-based term-charters, together with an annual price of US$7,500 for as much as seven entries and US$24,000 yearly for limitless entries.
Day constitution licenses had been initially set at US$12,500 per 12 months, whereas water taxi licenses had been proposed at US$2,500 yearly.
Wheatley described the up to date invoice as a big transfer towards modernizing the territory’s maritime trade and aligning operations throughout borders.
