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Revenues from money transfers dropped in 2022 compared to 2021– Premier

The Government of the Virgin Islands earned less from Money Transfer revenues in 2022 compared to 2021 according to Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley. Photo: VINO/File
The drop in revenues was revealed during the budget speech of 2023 delivered on November 29, 2022, by Premier and Minister of Finance Dr the Hon Natalio D. Wheatley. Photo: GIS/Facebook
The drop in revenues was revealed during the budget speech of 2023 delivered on November 29, 2022, by Premier and Minister of Finance Dr the Hon Natalio D. Wheatley. Photo: GIS/Facebook
ROAD TOWN, Tortola, VI – The Government of the Virgin Islands earned less from money transfer revenues in 2022 compared to 2021, according to Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7).

This was revealed during the budget speech of 2023 delivered on November 29, 2022, and the Premier added that the drop was attributed to a reduction in the transfer levy fee from 7% to 3.5% to provide relief to persons utilising that service.

“Revenues from Money Transfer Fees were similarly affected and fell by $63,182 to $2.2 million in 2022 compared to 2021 receipts. Government reduced the money transfer levy from 7% to 3.5% to provide some relief to persons who rely on the use of those services, and this relief would have resulted in the Government collecting less money from money transfer transactions,” he said. 

During a press conference back in July 22, 2022, Premier Dr Wheatley (R7) announced a 50-percent reduction on remittance tax as am economic relief measure for those who use the service.

Tax reduced as economic relief - Premier 

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 added that while Government may collect less revenue, the reduction may encourage a greater volume of transactions. 

Meanwhile, Minister for Communication and Works, Hon Kye M. Rymer (R5) had called for the remittance tax to be scrapped altogether and Minister for Health and Social Development, Hon Marlon A. Penn (R8) urged legislators to find more creative ways of funding the government's expenditure rather than taxing the most vulnerable with the levy he referred to as repressive and a burden.

While serving in the Opposition as Leader, Hon Penn had rallied against the tax intended to fund local development areas, including the education system and seniors.

Premier Wheatley did not immediately respond to inquiries on whether the government plans to further reduce the levy or removed it completely in the future.

19 Responses to “Revenues from money transfers dropped in 2022 compared to 2021– Premier ”

  • not nice (06/12/2022, 12:33) Like (5) Dislike (6) Reply
    You feeling for western unicon and money gram and ñot the people of the ví You not rising the wasage
    • @not nice (06/12/2022, 16:23) Like (9) Dislike (2) Reply
      That money isn't coming from Western Union or MoneyGram - it's coming out of their customers' pockets. And those customers have already paid tax on that money!
    • Use the banks (07/12/2022, 08:41) Like (1) Dislike (1) Reply
      Do money transfers with the bank. the most that you will pay is $50.00 to send your money back home
  • NB (06/12/2022, 14:15) Like (19) Dislike (5) Reply
    Dropped from 7% to 3.5% to provide relief? Relief from y'all greed in the fuss place. Remove it all together. It is double taxing people's hard earned money. It is WRONG. It was always WRONG. Get your conscience in check Mr. Premier.
    • @NB (06/12/2022, 19:13) Like (5) Dislike (2) Reply
      The problem is that some persons have many side Jobs and they are not taxed.
    • Mefeng (07/12/2022, 05:25) Like (2) Dislike (1) Reply
      The same robbery already put the former premiere behind bars where he's in the US right now. God works in mysterious ways.
  • Micky Dee (06/12/2022, 15:08) Like (8) Dislike (4) Reply
    It is still double taxation, come wake up people and tell the government what you think not what they want you to believe
  • poor people (06/12/2022, 15:19) Like (14) Dislike (0) Reply
    Stop pressuring poor people, they will always find another way...In the end the oppressor ene up the looser.
  • Really (06/12/2022, 15:34) Like (1) Dislike (7) Reply
    Wake up people this is all by design. This is how the cash will be gone. They know that once they rise the sending money that people will use their bank account to transfer. You dumb sheep use your head when it comes to laws and changes. New World Order in full effect so all these rules aren't nothing new to the awake people because we see this coming from far. Everything you hear about now is digital, digital, digital do you know how that beast system work. This mark of the beast system works with your veins and the digital passport is hooked up to your COVID 19 vaccination shot record. Mitch also signed away the rights of the unvaccinated people so we can't travel international without the vaccine. Tell my what rights do people have when they need a shot to travel,buy,sell,or trade
  • Why?? (06/12/2022, 19:49) Like (7) Dislike (0) Reply
    Why in this day and age where there are so many ways to transfer funds much cheaper and quicker online would someone use this archaic system. Wake the f$23!! up
  • justin (06/12/2022, 22:23) Like (2) Dislike (0) Reply
    can someone tell the premier of the land steps have to be taken and tax those substantial bank transfers and take his knee from the necks of the black community
  • gg (07/12/2022, 05:54) Like (0) Dislike (0) Reply
    Cryptocurrency is on the rise and will wipe out those excessive fees through medium such as gpoint wallets and all the ecosystems it has to offer.
  • @ are wrong ???? (07/12/2022, 07:07) Like (0) Dislike (0) Reply
    did you help them work for it ( and at least they worked honestly for it , in order to make ends meet / WOW ABOUT THOSE EMPLOYERS WHO HAVE NOT BEEN PAYING THEIR TAXES FOR YEARS AND AND HAVE BEEN RIPPING OFF THEIR EMPLOYEES TAX , PLEASE SHED SOME LIGHT ON THE TRUTH NOW / THAT goes to @ NB IS IT BETTER TO DO LIKE THOSE JOKERS WHO JUST CHILL OUT ON THE BLICK AND SMOKE AND LOOK FOR PEOPLE TO ROB AND KILL SOMETIMES / LIKE THE LADY WHO WAS ROBBED AND KILLED IN HER OWN HOME BY THESE SO CALLED ENTITLED YOUTHS ON THE LOOSE
  • justin (07/12/2022, 07:30) Like (0) Dislike (0) Reply
    a set of residences with permits doing 10 different jobs and no tax collection whereas the government continues to pressure so other residences to pay tax and such actions are unreasonable
  • App world (07/12/2022, 15:01) Like (1) Dislike (0) Reply
    Paypal, bank transfer and WU app now in effect. Get use to it.
  • Must (08/12/2022, 01:06) Like (1) Dislike (0) Reply
    It must drop to much pressure on the people so they are finding another method to transfer the money thanks to the technology.


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