$1.7M income projected from 7% fee on $$ transfers for 2020- Premier
The initiative came into fruition when the 'Financing and Money Services (Amendment) Act, 2020' became law in May 2020, with incomes generated to be split across various programmes like Education, Seniors, Agriculture and a Land Bank.
Now, according to the Premier, while speaking at Tuesday's June 16, 2020, House of Assembly (HoA) sitting; even amidst criticisms, the move has paid off and is set to generate even more projected revenues for the remainder of the year.
Fee will go towards local programmes
He said the slowest week thus far for money transfers, has been the week of May 10, 2020, "and that week, which was the slowest week, was $843,670.03... If you just take seven per cent out of that week, you have $59,056.90. With about 30 more weeks to go for that seven per cent, you would calculate it to be $1,771,707.06," he said.
During the announcement of the initiative, the Premier had said that of the 7% fee, 20% of it will go towards programmes benefitting seniors, and another 20% will go towards educational programmes, infrastructure and scholarships; specifically, medical, hospitality, fishing and agriculture scholarships will benefit.
Programmes in the agriculture industry will get 20% and another 20% of the revenues will go towards the fishing industry and finally, 20% will go towards the Land Bank and first-time homeowners.
All the initiatives would be subject to Cabinet approval.
$300K guaranteed for each programme
"Can I tell you that even in the slowest time by the end of the year, if it stays like that, which it has not, the minimum each one of them will be able to put in it... will be $354,341.41.”
He said if the Government has been doing that for years, a minimum of $5M per programme would have been collected, "this tells me that you cannot keep talking you have to lead!" he said.
According to the Leader of Government Business, diversifying the economy will call for unpopular initiatives like the medicinal marijuana industry and moves like regulating gambling, which the government is looking to implement through the Gambling (Gaming & Betting) Control Act, 2020.
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22 Responses to “$1.7M income projected from 7% fee on $$ transfers for 2020- Premier”
Wont be caught standing in there in line among certain folks even if it was free.
This is so unfair in this crisis... And you up and down talking about and counting how much money you make.
Free will and greed,envy and cant get enuff is what send call most of you..put up or ship out.
I think this is the best way of showing my appreciation.
you know it's greed when you start to count $ befor the year is finish and where and what the $ gonna do
Now that's a big diversion in the sky
It seems like no matter how much money fahie makes and get anything happen it's handout time hmm SMDH