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'Legal actions' needed for 50% remittance tax cut to take effect- Financial Secretary

- Jeremiah G. A. Frett said a number of steps need to be taken first & called for public’s patience
Persons sending monies out of the Virgin Islands (VI) via Western Union and Moneygram will notice that they are still paying a 7% tax on transactions, despite Government announcing it is slashing the fee by 50%. Photo: Internet Source/File
Acting Financial Secretary Mr Jeremiah G.A. Frett has said Cabinet’s decision to cut the levy by 50-percent (50%) on July 20, 2022, will not come into effect until the necessary legal actions are taken. Photo: GIS
Acting Financial Secretary Mr Jeremiah G.A. Frett has said Cabinet’s decision to cut the levy by 50-percent (50%) on July 20, 2022, will not come into effect until the necessary legal actions are taken. Photo: GIS
ROAD TOWN, Tortola, VI- Persons sending monies out of the Virgin Islands (VI) via Western Union and Moneygram will notice that they are still paying a 7% tax on transactions, despite Government announcing it is slashing the fee by 50%.

According to Acting Financial Secretary Mr Jeremiah G.A. Frett, the Cabinet’s decision to cut the levy by 50-percent (50%) on July 20, 2022, will not come into effect until the necessary legal actions are taken.

He said; however, Government is moving forward with the necessary steps to enact a reduction from 7-percent to 3.5-percent on the money services levy.

What are the necessary legal actions?

Mr Frett said those actions include an amendment to Schedule 3 and Section 45A of the Financing and Money Services Act, Revised Edition 2020 (as amended by Act No. 6 of 2020); the drafting of the relevant Order for the aforementioned amendments; the publishing of the Order in the Official Gazette; and the laying of the Order on the table of the House of Assembly at its next convenient Sitting.

The Financial Secretary in a Government Information Services (GIS) press release on July 27, 2022, noted, “We thank the public for its patience as we work towards the official enactment of the reduced levy,” adding that the public will be notified via the Government of the Virgin Islands’ official website and social media channels.

Tax cut means less revenue for Gov’t- Premier

Premier and Minister of Finance Dr the Honourable Natalio D. Wheatley (R7) had announced the 50-percent reduction on remittance tax during a press conference on July 22, 2022.

He said that a “large segment of the VI population uses the remittances services” and the hope is that it can help students and families abroad to cope with the current economic challenges.

Dr Wheatley said while Government may collect less revenue, the reduction may encourage a greater volume of transactions.

6 Responses to “'Legal actions' needed for 50% remittance tax cut to take effect- Financial Secretary”

  • BUT WHY ? (29/07/2022, 11:45) Like (2) Dislike (2) Reply
    AFTER A HUMAN BEING HONESTLY WORKED FOR AN HONEST LIVING / ANOTHER HUMAN BEING FEEL THE URGE JUMP ON YOU LIKE A PREDATOR AND DETERMINE THEY WILL USE THEIR POWER TO DOUBLE TAX YOU V ON WHAT YOU ALREADY PAID TAXES ON , AND IS NOT JUMPING ON THEIR FAMILY WHO ARE EMPLOYERS WHO IS WHO SEEMS TO BE UNTOUCHABLE , ALLOWED TO RIP OFF THE SAME GOVERNMENT AND EMPLOYEES (EH ) , ❓ ???? THATS WILLFULLY DIRTY AND LOW
  • concern (29/07/2022, 14:38) Like (2) Dislike (0) Reply
    None of your evil works will go unpunished
  • The System. (29/07/2022, 15:12) Like (0) Dislike (1) Reply
    Always something or someone in the system always stopping politicians progress and the desire to continue the oppression..
  • @ system ,? (29/07/2022, 18:29) Like (2) Dislike (0) Reply
    Is that 4 real ? ???? so how come No one had the balls to stop big daddy Andy ???? ( when he was untouchable ) and all his puppets just agreed to everything he ordered and kept their traps shut ????
  • Roxy (29/07/2022, 21:22) Like (2) Dislike (0) Reply
    Stop trying to fool the people about legal advise is needed.When the former Premier and his advisors sat in his office and decided that all monies via WU and MG be charged a 7% fee to be paid to the Govt., there was no legal advise needed. Now you want to fool people by saying that you all need legal advise.
    • Shem (31/07/2022, 16:04) Like (0) Dislike (0) Reply
      Exactly .who them trying to fool . Now they need legal advice .just wait they will say something else


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