Policies have been developed to determine how the government will disperse the environmental levy which is collected at all local ports of entry.
This was revealed by Deputy Financial Secretary Alva McCall during the 2019 Standing Finance Committee (SFC) deliberations held in April.
“Forty percent of the funds collected will go towards the BVI Tourist Board for marketing purposes, 40 percent of the funds collected will go towards the Climate Change Trust Fund and 20 percent of the funds collected will go towards the National Parks Trust,” McCall said in the SFC report.
She also revealed that the regulations which are to be approved by Cabinet will also outline exactly how each of the recipient agencies should request for the funds and stated that other systems for reporting have also been designed to ensure accountability.
The total amount of environmental levy collected since its inception is well in excess of $1 million and McCall said those monies collected remained untouched.
“The funds are deposited into a special account … once the regulations have been approved by Cabinet, the funds will be distributed,” the SFC report stated.
Prior to the proposed regulations, the Environmental Protection and Tourism Improvement Fund Act 2017, had only specified which agencies benefited from the tax.
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