Barrel prices roll ahead!!

Author : teriann

It has been said that whenever it rains it pours. Okay that might be a poor choice of words given our brush with hurricanes recently but the gist is that most often when bad things begin to happen they seem as if they come in groups. A lot of Jamaicans have suffered because of the effects of hurricane Sandy. Many have lost their homes and livelihood, so what’s next for them? Price increases of course!

The most recent price hike comes from the Jamaica Customs department. The department has announced that it will increase the cost of importing a personal barrel from $5,000 to $6,500 effective November 1, 2012. This increase is the first one of its kind since 2009. It only applies to barrels that are being shipped for personal use.

Okay, I can hear you saying that the increase is not that much. However, bear in mind that the Christmas season is right around the corner! Many persons who would need to send care packages to loved ones during this time will have to dig a little deeper in their pockets. So although the increase seems slight, there are persons who will suffer from its imposition especially at Christmas time.

I know that some persons might protest that the extra tax might be too much in view of the financial hardship they are currently experiencing. Well, regardless of their personal circumstance, the taxes will be increased. The Customs department has also released a statement warning consumers not to make false declarations concerning the type of barrel being imported. Of course, the importation of personal effects is continually monitored to ensure that the contents are not for commercial use.

The Customs department also has made adjustments to how much cash they accept as payment. Effective November 1, 2012, cash payments in excess of $2 million Jamaican will not be accepted. Now I am in agreement with this policy because the advent of wireless technology certainly makes sending and receiving payments much safer.

So what do you think of the impending increase? Will you be affected? Let me hear from you!

Update(November 2, 2012): Customs Rolls Back Barrel Duty Hike . The new date of implementation is January 2, 2013

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