The Financing & Money Services (Amendment) Act 2020”, which was passed on April 17, 2020, in the House of Assembly (HoA) and subsequently assented to, has since reeled in millions on a yearly basis.

Speaking to members of the media on February 11, 2022, during a press conference, Dr Wheatley said the Fishing and Agriculture Complex, as well as landing sites, will be funded by the tax.

“We have come up with some sustainable means of funding the agriculture and fisheries sector. The Premier in his wisdom brought to the House of Assembly a transaction levy on the money services businesses such as Western Union and MoneyGram and that has resulted in monies going in five areas.”

Legislation for the 7% fee on money transfer services in the Virgin Islands to be implemented was passed in the House of Assembly on April 17, 2020.

‘Millions of && to use’

“Two of the five areas are fisheries and agriculture and already we have millions of dollars that we are going to use like developing our fish landing sites, also developing the Agriculture and Fisheries Complex in Paraquita Bay, and also to provide things like grants to farmers and fishers to help them get their businesses off the ground,” he added.

Figures released during the Eighth Sitting of the Third Session of the Fourth House of Assembly (HoA) at Save the Seed Energy Centre in Duff's Bottom on May 11, 2021, by Premier and Minister of Finance Honourable Andrew A. Fahie (R1), showed that the 7% fee on money transfer services in the Virgin Islands had brought in over $2.3 Million to government.

“The figure that has been reported to me and I share it with this House is that they have collected $2,314,958.21. That, Mr Speaker, is so far what has been collected and also transferred to central government from Financial Services Commission (FSC).”

Premier Fahie had said figure means that $462,991.64 is now in a fund for senior citizens, first-time homeowners, fisheries and agriculture and infrastructure.

These areas were identified as the five areas that would benefit from 20% of the tax.

Design for Complex complete

The Minister also said that the design work for the complex is already done.

“We have already started, for instance, we have plans drawn for the Agriculture and Fisheries Complex and we will very soon be moving to procurement for that. Also, we have plans being done for the landing sites,” he informed.