UPDATE: Motion to reduce money transfer levy to 3.5% passed in HoA
The Resolution was made under the Financing and Money Services Act and was brought to the HoA by Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7), who said originally there was a lower percentage that was recommended, and it was found that the 7% was “onerous and 3.5 % was more reasonable.”
He said the funds collected will be allocated to different categories to help the people of the Virgin Islands in various areas. Premier Wheatley said monies are now available to help senior citizens, athletes, and schools.
“We have some noble uses for this particular money to help develop our people,” Dr Wheatley said during the Continuation of the Sixth Sitting of the Fourth Session of the Fourth House of Assembly at Save the Seed Energy Centre in Duff’s Bottom today, August 9, 2022.
‘We have heard the cries’- Hon Rymer
Deputy Premier and Minister for Communications and Works Hon Kye M. Rymer (R5), in his brief contribution to the debate, said he was happy for the reduction in transaction levy.
“We have heard the cries of our people pertaining to the 7% that was originally levied on the money transfer services.”
The Deputy Premier said he was happy to see that 10% of the funds collected will go towards the beautification of the territory.
Hon Rymer also said he looks forward to the day when the levy would be reduced to zero percent.
Opposition Leader ‘shocked’
Meanwhile, Opposition Leader Hon Julian Fraser RA said he was “kind of shocked” at the resolution to reduce the money transfer levy by 50 percent, “Because when you get your hands on money you don’t give it up, unless you have a compelling reason for doing so.”
Also contributing to the debate were Minister for Health and Social Development Hon Marlon A. Penn (R8) and Opposition Member Hon Carvin Malone (AL).
The 7% tax on remittance services in the Virgin Islands was imposed under former Premier Hon Andrew A. Fahie (R1).
See previous article published August 9, 2022
HoA resolution to add new categories on how money transfer services levy is spent
Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7) has indicated that when the House of Assembly (HoA) sits today, August 9, 2022, a new resolution will be brought to the house as it relates to how the money transfer services levy is spent.
At the continuation of the Sixth Sitting of the Fourth Session of the Fourth House of Assembly, the resolution once supported, will add more categories to how the money can be spent.
The VI government has collected a 7 percent (7%) levy, which was recently reduced to 3.5-percent (3.5%) on money sent abroad through money services.
“When we go to the House of Assembly tomorrow, we will have a resolution that will, once given an affirmative vote, will bring into effect new categories on how the money services levy can be spent, so we will have some dedicated funding,” the Premier said during a press conference yesterday, August 8, 2022.
Dedicated sports funding
Dr Wheatley’s comments came in response to questions on what financial support the government has given to the development of sports at the grassroots level, in addition to helping the overall development of the sector.
The Premier added that it wasn't until he got into the seat of Minister of Finance that he was able to make dedicated sports funding a reality, although it was a priority before.
He said the financing can be put towards grassroots programme, infrastructural development as well as an elite athletes programme and managed by the Ministry of Sports.
Today’s sitting is expected to be live-streamed on the House of Assembly’s YouTube page, Facebook, ZBVI 780 AM, CBN 90.9 FM and Flow TV – Channel 101.
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19 Responses to “UPDATE: Motion to reduce money transfer levy to 3.5% passed in HoA”
everything is “back home” yet then here in the BVI
Only in the VI everything seems to be an entitlement and benefit to some johnny come lately. Virgin Islanders can't go work much less disrespect or humiliate any other Country's Rules ,Government. or their People. Let Virgin Islanders speak up and they are the worst human beings. When will this Sh** end?????????????
Food for thought: With a National Lottery or Education, its a Winning situation; for even when a Lottery Player looses his chance, the Country wins. Wake up and smell the Coffee. #BviLove
For YEARSSSSSSSSSSSS ppl using moneygram and western union have been paying the fees that moneygram and western union have imposed....monies which these companies have NO social responsibilities to do anything in the country, they take the money and keep it for themselves...but thats not a problem for those utilizing their services.
Now..the Government decides to add on a tax so that monies raised from that same tax can tangibly benefit the country , go into our infrastructure and social services (which I might add are utilized by EVERYONE in the BVI, expats and born heres and new paper belongers alike) and people have a problem with that.
SOOOOO the solution to avoid paying the 7% tax which benefits the country and ultimately us as a whole is to now go to the bank and pay THEIR fees, which again is only used to support THEIR services and benefit them as a whole as many of these banks do nothing for the country.
SO...people (expats, belongers, paper belongers) would rather see the money be absorbed by the banks than see the money go back into the very same country that they live, the roads they travel on and the social services that MANY of them dedpend on to even exist here....
and YOU Marlon and Sowande see the sense in that? I cry for my country....CRY ....this is really what we have come to.
People must come and suck on our teats but must never ever ever dare give anything towards supporting the country and our ELECTED officials think this is ok.
WOW....thank you for making my decision for next election a lot easier...smdh ....the BVI is not a real place.