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May 25, 2018

Chamber Attacks Fuel Taxes

Fuel prices went up again on Thursday for the umpteenth time this year, and the third in a month, with premium now selling at eleven dollars and sixty-seven cents per gallon. The Chamber of Commerce today issued a release on the hike calling on the government to immediately review and reshape its fuel tax strategy and reduce excise duties for all products to ease the pressure on the economy. And while it acknowledges the external factors as it relates to acquisition costs, the B.C.C.I. says that the landed cost of fuel today is lower that it was in May 2014 when world oil prices were higher. The B.C.C.I. notes that in the case of premium fuel, government taxes have gone up to five dollars and nine cents in comparison to the May 2014 taxes. The B.C.C.I. calls on G.O.B. to lower taxes on fuel and undertake a comprehensive trade and tax reform and to aggressively collect from and punish tax evaders.  It also calls for a reduction in recurrent expenditures and to eliminate waste in public spending as well as to make systemic changes to remove barriers to economic growth.

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