Beautiful Virgin Islands

Wednesday, Aug 27, 2025

New funding areas coming for govt’s money services tax

New funding areas coming for govt’s money services tax

Premier Dr Natalio Wheatley has indicated that new categories of funding are likely to be added to those already in existence for how the government’s money services tax is being spent in the BVI.
The territory’s leader gave that indication while speaking with reporters at a press conference yesterday, August 8.

Premier Wheatley noted that the new categories being introduced will be subject to receiving an affirmative vote once a resolution is made in the House of Assembly (HOA) when legislators meet today.

“We’ll have some dedicated funding and this is something I mentioned to you before,” Dr Wheatley said while addressing a member of the media. “Not until I was able to get into this seat, this position as Minister of Finance, I was able to make it a reality,” Dr Wheatley said.

Dr Wheatley noted during the press conference that the fund has since accumulated somewhere in the region of six million dollars and gave an indication that some of it will be put towards the urgent needs of athletes representing the territory abroad in the near future.

In the meantime, the Premier said the issue of adding new categories became a priority for him because he wanted to ensure that the Ministry of Education, Culture, Youth Affairs, and Sports had dedicated moneys committed to sports that could be put towards local grassroots programmes.

Premier Wheatley stated: “It can be put towards infrastructural development. It can be put towards our elite athletes programmes. And it’s for the Minister of Sport and the ministry to be able to manage how those funds will be spent.”

Currently, the money services tax is being spent on a number of areas, including infrastructure, education, senior citizens, agriculture and fishing, as well as the land bank and first-time homeowners’ initiatives.

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

Premier Wheatley has since expressed that his government intends to slash that tax in half, a move which will likely be a reprieve for many who view it as burdensome and unnecessarily high.

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

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
A new faith called Robotheism claims artificial intelligence isn’t just smart but actually God itself
Deputy Prime Minister Angela Rayner Purchases Third Property Amid Housing Tax Reforms Debate
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Italian Facebook Group Sharing Intimate Images Without Consent Shut Down Amid Police Investigation
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
Sam Nicoresti becomes first transgender comedian to win Edinburgh Comedy Award
Builders uncover historic human remains in Lancashire house renovation
Australia Wants to Tax Your Empty Bedrooms
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
FBI Investigates John Bolton Over Classified Documents in High-Profile Raids
Report reveals OpenAI pitched national ChatGPT Plus subscription to UK ministers
Labour set to freeze income tax thresholds in long-term 'stealth' tax raid
Coca‑Cola explores sale of Costa coffee chain
Trial hears dog walker was chased and fatally stabbed by trio
Restaurateur resigns from government hospitality council over tax criticism
Spanish City funfair shut after serious ride injury
Suspected arson at Ilford restaurant leaves three in critical condition
Tottenham beat Manchester City to go top of Premier League
Bank holiday heatwave to hit 30°C before remnants of Hurricane Erin arrive
UK to deploy immigration advisers to West Africa to block fake visas
Nurse who raped woman continued working for a year despite police alert
Drought forces closures of England’s canal routes, canceling boat holidays
Sweet tooth scents: food-inspired perfumes surge as weight-loss drugs suppress appetites
Experts warn Britain dangerously reliant on imported food
Family of Notting Hill Carnival murder victim call event unmanageable
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
×