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Remittance Tax to fund Agri & Fishing Complex, fish landing sites- Dr the Hon Wheatley

Deputy Premier and Minister for Education, Culture, Youth Affairs, Fisheries and Agriculture Dr the Honourable Natalio D. Wheatley (R7) said two projects have already been identified that will be funded by the 7% tax imposed on all monies leaving the Virgin Islands through the money transfer services like Western Union and MoneyGram. Photo: VINO/File
Legislation for the 7% fee on money transfer services in the Virgin Islands to be implemented was passed in the House of Assembly on April 17, 2020. Photo: VINO/File
Legislation for the 7% fee on money transfer services in the Virgin Islands to be implemented was passed in the House of Assembly on April 17, 2020. Photo: VINO/File
ROAD TOWN, Tortola, VI- Deputy Premier and Minister for Education, Culture, Youth Affairs, Fisheries and Agriculture Dr the Honourable Natalio D. Wheatley (R7) said two projects have already been identified that will be funded by the 7% tax imposed on all monies leaving the Virgin Islands through the money transfer services like Western Union and MoneyGram.

The Financing & Money Services (Amendment) Act 2020”, which was passed on April 17, 2020, in the House of Assembly (HoA) and subsequently assented to, has since reeled in millions on a yearly basis.

Speaking to members of the media on February 11, 2022, during a press conference, Dr Wheatley said the Fishing and Agriculture Complex, as well as landing sites, will be funded by the tax.

“We have come up with some sustainable means of funding the agriculture and fisheries sector. The Premier in his wisdom brought to the House of Assembly a transaction levy on the money services businesses such as Western Union and MoneyGram and that has resulted in monies going in five areas.”

‘Millions of && to use’

“Two of the five areas are fisheries and agriculture and already we have millions of dollars that we are going to use like developing our fish landing sites, also developing the Agriculture and Fisheries Complex in Paraquita Bay, and also to provide things like grants to farmers and fishers to help them get their businesses off the ground,” he added.

Figures released during the Eighth Sitting of the Third Session of the Fourth House of Assembly (HoA) at Save the Seed Energy Centre in Duff's Bottom on May 11, 2021, by Premier and Minister of Finance Honourable Andrew A. Fahie (R1), showed that the 7% fee on money transfer services in the Virgin Islands had brought in over $2.3 Million to government.

“The figure that has been reported to me and I share it with this House is that they have collected $2,314,958.21. That, Mr Speaker, is so far what has been collected and also transferred to central government from Financial Services Commission (FSC).”

Premier Fahie had said figure means that $462,991.64 is now in a fund for senior citizens, first-time homeowners, fisheries and agriculture and infrastructure.

These areas were identified as the five areas that would benefit from 20% of the tax.

Design for Complex complete

The Minister also said that the design work for the complex is already done.

“We have already started, for instance, we have plans drawn for the Agriculture and Fisheries Complex and we will very soon be moving to procurement for that. Also, we have plans being done for the landing sites,” he informed.

11 Responses to “Remittance Tax to fund Agri & Fishing Complex, fish landing sites- Dr the Hon Wheatley”

  • singing praises (15/02/2022, 10:39) Like (33) Dislike (7) Reply
    I am so glad that we only have about 11 more months of the VIP
  • BS! (15/02/2022, 10:51) Like (36) Dislike (3) Reply
    They tried to put a positive spin on that nasty thieving tax that they put on some of our poorest residents. Not going to work, we see your wicked ways Honourable (!?!) SoWhatsGoingOn?.
  • Sorry bro (15/02/2022, 11:15) Like (11) Dislike (1) Reply
    We already know and is versed in the games you all are playing. Election time is coming up and you all want to get into the peoples heads with the HIP TO THE HORAYS. PEOPLE HAVE WOKEN UP AND WE ARE SENDING EVERY LAST ONE OF YOU STRAIGHT TO THE CURB. I WILL SAY THIS MUCH, WHOEVER DECIDE TO STEP IN THE RING, I WILL NOT SUPPORT YOU IF ANY LODGE MEMBER IS ON THE TICKET.
  • nonsense (15/02/2022, 11:36) Like (21) Dislike (2) Reply
    The fishing complex need to be at a similar location where it was initially, a proper place where fishermen can dock their boats, offload and head back out. How will a fishing complex work in Paraquita Bay? Out in the mangroves? A simple trip overseas to a proper fishing complex would show them what needs to be done.
  • Budget ?? (15/02/2022, 11:38) Like (18) Dislike (1) Reply
    Wasn’t those projects budgeted for for years now? That’s a shame that we have to wait till people send money away, tax them and build something as important as the fishing complex and Agriculture .
    What a Shame!!!!!!
    • for real (15/02/2022, 12:34) Like (11) Dislike (0) Reply
      They were budgeted for. but obviously that money gone be diverted to someplace where it wont be found.
  • Festive king (15/02/2022, 11:41) Like (3) Dislike (10) Reply
    Will we have festival this year, starving to jump up.
  • Young school farmer (15/02/2022, 13:10) Like (17) Dislike (0) Reply
    I’m ah young farmer trynna make it better for my life & all I want you to do is to give us water in the paraquita Bay Area please evens it comes on every other day I will understand , just trying to follow my grandparents footstep as feeding the nation
  • So over it (15/02/2022, 15:58) Like (6) Dislike (0) Reply
    I am soooo over this administration. There is no way in hell I am going to make the same mistake again. The BVI is in full blown crisis and we are in need of change. Who can live on $6.00 per hour when a loaf of bread is more than $6.00. Tired of the haves living off the have nots.
  • US Treasury (15/02/2022, 21:28) Like (0) Dislike (0) Reply
    Please transfer the 2.3 million USD remittance fund to our Treasury Department forthwith. The BVI's 7% remittance tax on USD leaving the BVI is illegal. No foreign country can tax US currency movements and expect to retain that illegal tax for their own use. The BVI should tax their own currency if they have one.
  • cash cow (16/02/2022, 06:52) Like (0) Dislike (0) Reply
    This 7% tax supporting the fishing industry is on top of the 15% duty which is in place on all imported fish. This was put in place to protect the local fishing industry. e.g salmon has 15% duty which we can not catch here. Meat is 5% but poultry is 0% duty. Why do we need to keep supporting the fisheries department and pay additional taxes to an industry which should be self supporting.


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