Beautiful Virgin Islands

Sunday, Feb 05, 2023

Revenues from money transfers dropped in 2022 compared to 2021– Premier

Revenues from money transfers dropped in 2022 compared to 2021– Premier

The Government of the Virgin Islands earned less from money transfer revenues in 2022 compared to 2021, according to Virgin Islands Premier and Minister of Finance, Dr the Hon Natalio D. Wheatley (R7).

This was revealed during the budget speech of 2023 delivered on November 29, 2022, and the Premier added that the drop was attributed to a reduction in the transfer levy fee from 7% to 3.5% to provide relief to persons utilising that service.

“Revenues from Money Transfer Fees were similarly affected and fell by $63,182 to $2.2 million in 2022 compared to 2021 receipts. Government reduced the money transfer levy from 7% to 3.5% to provide some relief to persons who rely on the use of those services, and this relief would have resulted in the Government collecting less money from money transfer transactions,” he said. 

During a press conference back in July 22, 2022, Premier Dr Wheatley (R7) announced a 50-percent reduction on remittance tax as am economic relief measure for those who use the service.

The drop in revenues was revealed during the budget speech of 2023 delivered on November 29, 2022, by Premier and Minister of Finance Dr the Hon Natalio D. Wheatley.

Tax reduced as economic relief - Premier 

He said that a “large segment of the VI population uses the remittances services” and the hope is that it can help students and families abroad to cope with the current economic challenges.

Dr Wheatley added that while Government may collect less revenue, the reduction may encourage a greater volume of transactions. 

Meanwhile, Minister for Communication and Works, Hon Kye M. Rymer (R5) had called for the remittance tax to be scrapped altogether and Minister for Health and Social Development, Hon Marlon A. Penn (R8) urged legislators to find more creative ways of funding the government's expenditure rather than taxing the most vulnerable with the levy he referred to as repressive and a burden.

While serving in the Opposition as Leader, Hon Penn had rallied against the tax intended to fund local development areas, including the education system and seniors.

Premier Wheatley did not immediately respond to inquiries on whether the government plans to further reduce the levy or removed it completely in the future.

Related Articles

Beautiful Virgin Islands
Tennessee Bill Would Imprison People for 3 Years If They 'Lie' About Rape to Get an Abortion.
I have a dream, MLK inspiring speech
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Aretha Franklin, Marvis Staples - Oh Happy Day
EU found a way to use frozen Russian funds
BVI Freedom Song
First generation unopened iPhone set to fetch more than $50,000 at auction.
Billy Preston - You Can't Beat God Giving (Live)
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
What is ChatGPT?
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Hello Dolly
Tesla reported record profits and record revenues for 2022
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Bob Marley - Get Up Stand Up
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Yes He Can
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
What A Friend We Have In Jesus
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
Touch The Hem Of His Garment
China's first population drop in six decades
The Lord's Prayer
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
Ramblin' Rose
After Failing To Pay Office Rent, Twitter May Sell User Names
Protoje - Who Knows ft. Chronixx
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
Pressure - Virgin Islands Nice
FIFA president questioned by prosecutors
Phil Wickham - House Of The Lord
Britain's Sunak breaks silence and admits using private healthcare
My God Is Real (Yes, God Is Real)
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Louis Armstrong - When The Saints Go Marching In
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
Kanye West Sunday Service - hallelujah, salvation, and glory
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
Jonathan Nelson - I Believe (Island Medley
TikTok CEO Plans to Meet European Union Regulators
From The Virgin Islands Sqad Up
UK chaos: Hong Kong emigrants duped by false prospectus
Common, John Legend - Glory
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Japan reportedly to give families 1 million yen per child to move out of Tokyo
I have a dream, MLK inspiring speech