Beautiful Virgin Islands

Tuesday, Jun 24, 2025

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

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

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.

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.


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.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
×