Beautiful Virgin Islands

Wednesday, May 14, 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
U.S. FDA to Remove Oral Fluoride Supplements for Children Amid Gut Health Concerns
Kim Kardashian Testifies in Paris Robbery Trial, Tells Gang Leader: 'I Forgive You'
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Challenges Facing EU Foreign Policy Amidst Diverging Interests
Reports Reveal Alarming Cognitive Decline in Biden Prior to Election Withdrawal
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
South Africans chant call to genocide against White people.
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Flip flop: UK Introduces New Immigration Policy to Reduce Net Migration
Elon Musk Joins Trump Meeting in Saudi Arabia
Poland Tightens Immigration Policy with New Plan to Suspend Asylum Law
Trump says it would be 'stupid' not to accept gift of Qatari plane
8-Year-Old Orders 70,000 Lollipops Using Mother’s Phone, Prompting $4,200 Amazon Bill and Viral Facebook Plea
Quantum Computing Threatens Bitcoin Security
American citizens account for 70% of worldwide pharmaceutical sales despite comprising only 4% of global population
New Details Emerge on Syrian Attacker's Motives in German Festival Stabbing
Brazil’s President Aims to Strengthen Ties with China Amid US Trade Tensions
Senate Democrats Move to Censure Trump Over Qatar Jet Gift
First White South Africans Resettled in the U.S. Amid Controversy Over Persecution Claims
Hamas Releases Last Living US Hostage from Gaza Amid Ongoing Conflict
India and Pakistan Agreement on Ceasefire Amid Ongoing Tensions
Arsenal Stages Comeback to Draw 2-2 Against Liverpool in Premier League Clash
Trump's Upcoming Visit to Gulf Nations: Investment and Security at the Forefront
Rodrigo Duterte Awaits Trial at The Hague. Next week he might be elected mayor of his hometown
Trump fires director of U.S. Copyright Office, sources say
Retired British police officer arrested over ‘thought crime’ tweet
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
Newark Mayor Ras Baraka Arrested at ICE Facility Amid Congressional Visit
India-Pakistan conflict may be first test for Chinese military tech
Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
Historic Papal Conclave Set to Commence in Rome
Huge Copper, Gold, and Silver Discovery in Argentina and Chile — But the Profits Go Abroad
Prince Harry is pleading for reconciliation — but the royals are just as sick of his victimhood as everyone else
The Road to Freedom: She Protested Putin, Escaped House Arrest, and Survived a 2,800-Kilometer Journey
OpenAI's Flip-Flop: No Longer Going Commercial, Back to Nonprofit, After Musk Lawsuit and Backlash
“Trump Supporter” Aims to Bring a MAGA-Style Shift to Romania
First From China: Zhao Xintong Wins the Snooker World Championship
Nvidia Faces Billion-Dollar Losses – Warns: China Is on Its Way to Becoming an AI Superpower
Trump Rules Out Third Term, Names JD Vance and Marco Rubio as Potential Successors
Mexico Says ‘No’ to U.S. Troops: President Sheinbaum Rejects Trump’s Offer to Fight Cartels
Nigel Farage’s Reform UK Storms the Map, Wrecking the Two-Party Monopoly
DOGE: Reimagining Government Operations with AI
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Beijing Says U.S. Is ‘Reaching Out’ for Tariff Talks Amid Soaring Trade Tensions
U.K. Court Rejects Prince Harry’s Final Appeal Over Police Security
Prince Harry’s Heartfelt Outburst Rocks the Royal Family
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Transgender Swimmer Secures Five Gold Medals at U.S. Masters Championship
Prince Harry: “I Want Reconciliation with My Family”
×