7% remittance tax to be reduced to 3.5%
Premier and Minister of Finance Dr Natalio Wheatley announced that his Government of National Unity has decided to slash the tax on remittances by 50 percent.
Speaking at a press conference on Friday, the Premier said: “In a recent meeting of Cabinet, we agreed to lower the tax on remittances from the present seven percent down to 3.5% to help our students and family abroad to cope. While we are collecting revenue, this lower percentage may encourage a greater volume of transactions, and this is in line with what was recommended before this initiative was introduced.”
Dr Wheatley said his government recognises that a large segment of the population utilises the remittance service to support their families in different regions of the world.
“These do not only include those persons who have families living abroad that they have an obligation to support, but Virgin Islanders who have children in schools in the United States, in the United Kingdom and elsewhere who send them some dollars periodically to make ends meet,” the Premier said.
In relation to when the changes will come into effect, Dr Wheatley said it was just a matter of getting the Cabinet decision gazetted.
“They are actually preparing the order … It will have to go to the House of Assembly just to be laid, subjected to a negative resolution in the House. Once it is gazetted, it goes into effect and that can happen anytime between now and next week,” he said on Friday.
Copyright 2023 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
Still a misaligned and racist tax on expats. But BVI love…
He is not as conceited as the head coach
Boi the welder from country gonna jump for joy now…he can send money like rice and stop bawl bout sending fee. dat man can lie lol he was so shame about the FBI poster with his picture dat he was telling people all kinda lie ,wicked wicked old man!!
DOUBLE TAXING PEOPLE AND CLOSING A BL8ND EYE TO THE EMPLOYERS WHO RIPPING THE EMPLOYEES AND THE GOVERNMENT / AND THE CHICKEN HAWK FROM VG THINK HE DID THE GREATEST THING ON EARTH ( THATS AN EVIL 👿 DEVIL
DOUBLE TAXING PEOPLE AND CLOSING A BLIND EYE TO THE EMPLOYERS WHO RIPPING OFF THE EMPLOYEES AND THE GOVERNMENT / AND THE CHICKEN HAWK FROM VG THINK HE DID THE GREATEST THING ON EARTH ( THATS AN EVIL 👿 DEVIL ,( LOOK IN HIS 👀
Shut yuh backside! Money made in Virgin Islands and spent in the Virgin Islands helps with the growth of the Economy. Money sent to other Islands or Countries helps with theirs. If all money made being sent out how are they circulating or turn it over to build Ours? Virgin Islands can’t do Nothing to please these Johnny come lately Expatriates who think or feels that they have entitlement to whatever befits them. I really am so fed up with these so called Non-Residents( work permit holders) YES! I SAID IT!!! Be grateful you are able to make a dollar(US$) to send back home. There are Virgin Islanders who can’t make it through the Day because of the Economy that You are helping to disabled.
Tax the poor!!! Ask Head Coach if he paid a 7% remittance fee on his bail bond…
shut up and just pay the tax… Local send money out tooo..they also have to pay the tax…I do not understand the logic when they say it is racist toward expats….you islanders find a fault about everything. smh..this is not your country….you do not get to dictate our policies….do that in your home country and if you do not like our policies then feel free to leave.
Ok let’s address your points…
Expats come to the bvi to provide work that cannot and is not filled by belongers. Be a skilled worker or one providing service, there just aren’t enough belongers with the appropriate skill sets to fill positions of employment.
So we tax these workers, social security, nhi, payroll just like a belonger. But since their families aren’t allowed to join them due to oppressive and racist immigration policies, they must send monies made back to their loved ones. Money order transfer provide a simple means of doing this.
But the bvi adds ANOTHER tax on these hard working HUMAN BEINGS to milk another few dollars from them. Yeah sounds fair.
Without these workers, the bvi economy would grind to a halt. And those very workers are providing monies to support the people of the bvi. Check yourself
Guess you don’t own a business here. I wouldn’t be able to run my business without expat help. Labor has no one available to fill my positions so I have to hire abroad
CANT PLEASE AYO
when will minimum wage be increased to accommodate the uprise of the cost of living
increase minimum wage one time.. thanks
@Ok let’s address your points…, BULLY $HIT
jim, this is a conversation you need to have with the political leaders or community leaders. Unfortunately, you can only control so much of what the expatriate people do. There is a Caribbean saying ” Stricker the government wiser the people” Every time there is a change , some people feel they are been cheated of the best things in life.
If those expat had become belongers most would have stayed and invested. You cannot want to give those status to the people when they have already established their homes and business in their home country. Most of those people will now receive their status after thirty and forty years, they are really to return to their countries.
No one is going to come to another’s country and build that country it is insane to think so. They provide a service in exchange for money, and when they receive that money, they first distribution is to their children and family living abroad.
Now the government saw this opportunity years ago , and was lazy about implementing their tax, now the revenue is slow. What most of the expatriate has done is to get bank cards and movil transfer is the way to go, its way to beat the system and there is another thing will arise to create barriers. So don’t bash the people. Just speak good about them.
This tax affects expats more than locals, however regardless of who it affects it is double taxation. This is money we’ve already paid our taxes on. Now to send it to pay for goods, or support your family, or send money to college kids, there is another tax. Then why don’t they add a value added tax on the food we buy, or the hardware from places like CTL, or anything else we purchase.
The problem I find with this, is that while we tax the poor, the rich gets away with remittances through the local banks.
Who taxes the millions and billions sent through local and offshore banks here in the BVI?
Now is the time to legislate laws that automatically taxes remittances from these institutions sent globally.
IT IS time to change the follies of the law to include all lending, banking, and offshore institutions.
I believe, this, would fairly allocate taxes, for all.
Tax them yes! They want to come here and send home US dollars well pay US dollars tax…tax them i say!
Yall go to other countries and pay sales tax and VAT. Man STFU
You shut your a** you moronic buffoon. Where in any law in any country has the country ever dictated where someone’s salary is spent. You looking for money to build your economy how about taxing the many known drug dealers you have in your narco state and then haul your MC. It’s not bad enough the amount of shame the bVI is bringing to hard working Caribbean people. The cesspit of bigotry and prejudice just justified every stereotype labelled against black people, that we have been fighting to erase since emancipation amd have the gall to open your mouth and berate someone about how they spend their hard earned money.
SO AFTER WORKING HONESTLY FOR YOUR OWN MONEY , IS AN OFFENSE NOW ❓ 🤔 AND YOUR BOWN PEOPLE WHO SIT ON BLOCK AND ROB BAND KILL OTHER HUMAN BEINGS IS ALRIGHT 👍 YOUR EVILNESS IS BEING SHOWN TO THE WORLD JUST LIKE THOSE EMPLOYERS AND THE MINISTERS WHO IS ALLOWING THEM TO TO RIP OFF THE EMPLOYEES AND THE SAME GOVERNMENT WHO ONLY SEEING ON ONE SIDE ,SHOULD BE ASHAMED OF THEMSELVES , BUT THEY ARE ALL THE OF THE FAMILY OF HYPOCRITES . AMEN 🙏
Good move. It should have been by 100 percent, but it’s a start. This petty, racist, cruel, vindictive tax needs to be gone, ASAP.
IS SAYING A WORD ON/ OR ABOUT THOSE ENTITLED EMPLOYERS 🤔 WHO HAVE NOT BEING PAYING THAT SAME TAX THEY RIPPING OFF FROM THEIR EMPLOYEES AND THE SAME GOVERNMENT ( WOW ) NOT EVEN THOSE HOLY MEN WHO WANT TO GO TO WAR WITH THE UK 😳 FOR THE CORRUPTION COMMITTED BY ALL THE THE HYPOCRITES WHO SHOUTING OUT RACISM , COLONIALISM , AND REPARATION , WHAT A SET OF IMPOSTERS ,PRETENDERS HYPOCRITES TO NAME A FEW
God hates sinners. Please look inward before you cast that stone. You are a sinner
Maybe those people sitting on blocks could get a job. No religion is going to help you do that. You just need to stand up and go do it.
One way to get around the Tax and Western Union Fees is to transfer funds between your bank account in the BVI and your bank account (or recipient’s bank account) overseas using your debit card and the internet.
All you need are the various bank routing numbers AND account numbers.
RIGht you are
Brilliant response. Like a 5 year old.
Some people immigrate to enjoy the culture and natural beauty of a location, while spending on amenities, excursions & local travel in that location this adds to the cultural diversity and economy in a healthy way.
If the sole purpose of a worker coming here is to take dollars which we do not print out of circulation from the local economy and send it abroad that realistically does not help the territory.
Its rough but true worldwide that not all migrant workers are healthy for the economy or community.
That is why God keep judging you all. the 7% should be totally taken out. It is unjustly taxing money that have been already taxed. However; as we are seeing and continuing to see that God does not sleep. He sees the wickedness of this territory. Continue, go ahead, there for sure is not a god but The God above. What the people of this territory do not want for themselves when they to get the (privileges) of other land they do not want to dish back out.
who stop the bvi-lander from working, the very same jobs the expectorates doing they don’t want to do, or cant do. People work hard and in sometimes deplorable situations, taking crap from employers and still you want to tell people how to spend THEIR money! It has already help the land when it is taxed, NHI, SS come from their pay; and yet still want to tax it again. Go ahead, green voodoo man, hurricane, cartel leader, and more to come is aaaall-u cup of tea. More power to you. The same way you all can not stand the epacts is the same way Tomians cant stand Tolans but at the same time you all want to take all benefits you all can get from the Tomians and the USA. Privileges not Rights. Welcome to the Continent (NOT ISLAND) of the BVI, (LOVE).
Let’s be honest. This tax applies to the use of non-bank money transfer options. There are two constituents using this service: 1) lower income down island folks who don’t have bank accounts and 2)smugglers who have hundreds of millions of dollars that they need to launder.
Why hasn’t the Government released a statement showing how much money they have received? Are there restrictions on how much cash one can transfer? Are there records of who transfered large amounts of money and to whom?