Beautiful Virgin Islands

Wednesday, Apr 02, 2025

Motion to reduce money transfer levy to 3.5% passed in HoA

Motion to reduce money transfer levy to 3.5% passed in HoA

The Resolution to reduce the money transfer services levy from 7 % to 3.5%, as well as amend the categories to benefit from the funds collected, has been passed in the House of Assembly (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).


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.


In what is expected to be the continuation of the Sixth Sitting of the Fourth Session of the Fourth House of Assembly, Dr. the Hon Natalio D.Wheatley added that the resolution once supported, will add more categories to how the money can be spent.


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.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Europe Pursues Digital Autonomy Amidst Transatlantic Strains
OpenAI Lands Unprecedented $40 Billion Funding.
Charity Chairwoman Accuses Prince Harry of Bullying and Harassment
DOGE revealed that USAID provided $84 million to the Clinton Foundation. Of this amount, $3 million was spent on Chelsea Clinton's wedding, and $10 million was used to acquire a lavish mansion.
The State Department has announced the formal closure of USAID.
Apple's Innovation Deficit: Falling Behind in AI and Foldable Technology as Chinese Developments Progress
President Trump Proposes Military Intervention to Obtain Greenland
Passenger Taken into Custody After Engaging in Masturbation on SWISS Air Flight
Barcelona player Dani Alves found not guilty of rape accusations.
PUTIN'S LIMOUSINE DETONATES—SECURITY CHAOS ENSUES
French Foreign Ministry Denounces U.S. Interference in Corporate Diversity Initiatives
Copyright Issues Emerge as AI-Generated Studio Ghibli Images Gain Popularity
This is what we refer to as CREATIVITY.
Removing the Political Opponent Means Dismissing the Remnants of Turkey's Economy.
Malaysia Strengthens Semiconductor Regulations in Response to U.S. Pressure to Restrict AI NVIDIA Chip Exports to China.
OpenAI Launches New Image Generation Tool for ChatGPT
Ex-FIFA President and French Football Icon Acquitted of Corruption Allegations
National Security Advisor Mike Waltz Under Investigation After Journalist Added to Secret Military Chat
Ex-Business Partner of Hunter Biden Discusses Possible Pardon from President Trump
U.S. Attorney General Announces Task Force to Prosecute Government Fraud
American Brands Face Consumer Boycott in Europe Amid Escalating Trade and Political Tensions
White House Investigates Security Breach After Journalist Accidentally Added to Secret Yemen Strike Chat
Samsung Executive Han Jong-hee Dies Suddenly Amid Ongoing Corporate Challenges
German President Frank-Walter Steinmeier has just signed off on a national debt hike to fast-track Germany’s militarization
Heathrow Airport Restarts Services as Investigation into Power Outage Commences
Pope Francis Released from Hospital Following Pneumonia Treatment
Pope Francis Appears in Public for the First Time in Five Weeks After His Hospital Stay
Usha Vance to Head U.S. Delegation During Greenland Visit Amid Discussions on Annexation
Trump suggests US could join British Commonwealth if offered by King Charles
Elon Musk Files Lawsuit Against Jamaal Bowman for Defamatory Remarks
European Countries to Boost Defense Expenditures in Response to Changes in U.S. Assistance
Iconic Boxer George Foreman Dies at 76
European Airline Shares Fall Following Disruption from Heathrow Power Outage
Pope Francis Set to Leave Hospital Following Recovery from Pneumonia
Thousands Take to the Streets in Amsterdam to Protest Racism and Fascism
Revealing the Electromagnetic Characteristics of the Great Pyramid of Giza
President Trump Cancels Security Clearances for Notable Political Figures.
The Development of China's Automotive Sector
Netanyahu Dismisses Shin Bet Chief Amid 'Loss of Trust' and 'Qatargate' Corruption Investigations Involving Netanyahu's Advisors
UK Conservatives Remain Optimistic Despite Polling Challenges
Labour MPs Unveil Initiative to Combat Harmful Influencers and Advocate for Healthy Masculinity
Miami Beach Mayor Cancels Plan to Expel Cinema Following Documentary Showing
Thousands of Drones Illuminate the Sky in Honor of Trump.
Leaders of the US and Ukraine Participate in Constructive Call During Ongoing Conflict
Elon Musk's X Experiences Valuation Recovery to $44 billion.
UK Government Set to Implement Major Budget Cuts in Spring Statement
US Federal Reserve Downgrades Economic Growth Outlook Due to Tariff Uncertainty
EU Claims US Tech Giants Have Violated Digital Regulations
Canada Denounces the Execution of Its Citizens in China Amid Rising Tensions
European Union Moves Toward Joint Debt for Military Spending
×