British Virgin Islands

Thursday, Jun 04, 2020

Premier Counting Money From New Money Transfer Fee

Premier Counting Money From New Money Transfer Fee

Premier and Minister for Finance Hon. Andrew Fahie is already counting the money that government will rake in from a new ‘Money Transfer Fee’, that is expected to be applied to funds sent from the Territory through services such as Moneygram and Western Union.
The Premier skirted quickly over the plan to introduce such fees during the presentation of the 2020 budget estimates on November 19 in the House of House Assembly by simply alluding to the introduction of the fee as he explained where his government will be getting additional money to meet budget plans.

“The strategy anticipates increased income through the exploration of new revenue generating initiatives which include collections from the implementation of a money transfer fees…”

This is not the first time that the Premier announced his government’s intent to tax services such as Moneygram and Western Union. He previously made this known during in the House of Assembly on July 31.

At that time Hon. Fahie stated, “We believe that people could send their money where they want. We just gonna put on a lil fee soon…”

“We have a Bill coming that going to allow us to …[put] just a little money on for anything that gets sent out. 20 percent will go to education, 20 percent going towards infrastructure, 20 percent going towards entrepreneurship and 20 percent going towards the consolidated fund,” he added.

At that time the Premier also promised that the public will have a say on that proposal.

“I will be bring it to the public to debate on. If you send your money out it’s a win ... and if you keep it here it’s a win. We like to create scenarios where there’s a win, win,” Hon. Fahie stated.
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