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Thursday, Jun 30, 2022

National Unity Government to review 7% remittance tax

National Unity Government to review 7% remittance tax

The seven per cent tax placed on money transfers leaving the territory has long since been an issue among expatriates in the Virgin Islands; however, Premier Dr Natalio Wheatley said his government is looking to review the policy.
Former Premier Andrew Fahie had promised to review the seven per cent tax on money transfers leaving the territory and when probed by a member of the media today, Dr Wheatley noted the project will not be abandoned under his National Unity Government. He noted this was something his administration was considering since it affects a lot of people in the territory.

“I am in discussion with my government on that [seven per cent tax on remittances] matter and you guys will hear about that matter shortly,” Dr Wheatley said.

The controversial legislation, passed in 2020, mandates that a seven percent tax be taken from all monies leaving the BVI through money transfer agencies. Any agency deemed to be non-compliant are liable to fines by the government.

Since the law has come into effect, the money earned from the tax has been a key component of the Virgin Islands’ revenue.

The government has since divided the monies earned from the tax and distributed it towards infrastructure, education, senior citizens, agriculture and fishing, as well as the land bank and first-time homeowners’ initiatives.

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