BVI News

Steady turnout as money transfer agencies reopen for the first time since lockdown and new tax

With the reopening of money transfer agencies across the British Virgin Islands on Monday, May 11, a considerable amount of residents were seen at popular outlets on the main island of Tortola.

On Fleming Street, a steady line consisting more than 20 persons were seen awaiting services from transfer agency, MoneyGram.

Only a limited number was allowed inside the facility at a time, and BVI News observed that all patrons entering were wearing protective face masks.

Over at the Cutlass Tower, residents were also queued outside of the money transfer establishment, Western Union.

7% tax on all transactions

The reopening of these establishments comes one week after the Financing & Money Services (Amendment) Act became law.

This means that all transactions conducted through these services will be subject to a seven percent tax, which will be deducted by the respective agencies and paid to the Financial Services Commission (FSC) every month unless otherwise specified by the Commission.

Money transfer agencies failing to deduct or pay the collected tax to the FSC on time can face up to $5,000 in fines for not adhering to the new law.

The monies collected from all transactions will be deposited into a fund earmarked for various national development initiatives.

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47 Comments

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  1. local says:

    the way to go thumps up

    Like 7
    Dislike 23
    • Landlord says:

      Hope they have my rent money tomorrow

      Like 14
      Dislike 37
    • Hey says:

      There’s a big difference between a “thump” and a “thumb”.

    • Why says:

      Why not raise tax by 1% for those making over $80k. Or add that 7% tax to those folks sending hundreds of thousands or millions out the territory through the banks. Both of those options will bring in far more than further taxes than further charging the people sending their $100.00

      Like 13
      Dislike 1
  2. Tongue Fu says:

    Steady turnout? It should be a massive turnout considering that it was closed for several weeks.Also it was clearly not steady throughout the day as I passed by this pm and there was no-one outside waiting. Seems like a big disappointment but let us see what the weekend brings. I hope people find alternative means to send their money. Times to hard to spare 7%.

    Like 35
    Dislike 8
    • Equality says:

      I am in total disagreement with this government for taxing regular hard working individuals for sending apart of their innocent wages: that has already been taxed in the initial stage to then undergo further taxing. This is a callous, twenty first century slavery robbery act handing down to individuals especially to outsiders. Its baffles me how the BVI protray its self as a country that welcomes everyone but implements so called bills/ laws to keep outsiders from attaining anything substantial, this is like being a slave among the people who have the same skin tone as you. Its time the BVI be called out for who they really are ,that is: a self serve communist country that serves their own by finding ways to secure them at the expense of the ambitious hard working outsiders.

      Like 1
      Dislike 1
  3. Hmmm says:

    This is quite a thing

    • ? says:

      Hello landlord yes we do.But don’t worry the bank will be coming soon if you think that’s all island people came here to do pay for your house well we have a home.good luck

      Like 28
      Dislike 12
  4. BVI Exports Money says:

    The BVI continues to export money. Over and under again. Its surprising, they didn’t have money not to long ago but now they do. I cry for my BVI.

    Like 5
    Dislike 15
  5. Online says:

    You can send Western Union online using your debit/credit card and it’s cheaper. No need to stand in line.

    Like 26
    Dislike 2
    • Hodgie says:

      People please I asked of you to sign up online and send your money with Western Union online. Send this one term government a message. We’re in this thing together.

      Like 18
      Dislike 5
    • @ Online says:

      Tis now…People really need to get with the times.

      Google all the Apps and online sites.

  6. Hmmm says:

    I don’t understand why some locals have a big issue with what expats do with their own hard earned money. I hate reading the comments on another site cause all they promote is hate towards expats….they wilfully only post the comments that attack expats SMH

    Like 37
    Dislike 3
  7. Smh says:

    This place we call home will be begging people to please come here if we continue playing mind games.

    Like 16
    Dislike 4
  8. The Reaper says:

    Them got to pay rent to my landlord..pay up ,pay up ,pay up, they have the money No more excuse!!!!On top of that 7% We want all. My BvI strong .Them don’t care.they trying too run this Island ?….No No No ,Helllllllll !!!!!!! No!!!!!!!!!!!

    Like 5
    Dislike 20
    • Hmmm says:

      What you wish on someone will come back twice as hard on you. Be careful

      Like 4
      Dislike 1
    • Father Time says:

      Girl shut the h**l up.

    • disappointed. says:

      Why are you all not staying in you’ll country to develop it? Why run to the US to make babies, and why leave you all hospitals to run by outsiders? The only thing this country have is the US dollars by it name and we are here just to make our money and to do what we want with it. We did not come here to pay rent only. We have families and children and mortgages so we must send our money we work hard for home.

  9. J A P says:

    Me da tanta rabia al ver con el odio que habla algunos lugareño de los emigrante ustede no sabe que nosotros tenemos familia que dependen de nosotro al igual que sus familia dependen de ustede para comer.y ademas ese dinero que le enviamos a nuestra familia es ganado con nuestro sudor bien trabajado en en este sol dejando nuestra vida,fuersa y peyejo que
    nosotro cuando cogemos para donde nuestra familia es a morirno porque nos bamos emfermo y explotado y quiero que sepan que hante de nosotro los dominicano venir aqui primero fueron sus desendiente a cortal caña a trabajal duro pero con una gran diferencia que se le trato con amor y respeto y hisieron familia que mucho ni borviero aqui mas asi que degen su odio que nosotro los emigrante no le hacemos daño a ustede mejol somo una mano amiga para ayudarlo hacel un Bvi mas bello y le repito ese dinero que le enviamo a nuestro familiare es ganado con nuestro sudor y nuestra propia vida y podemos hacer lo que nos de las gana con el para que le que bien claro……..ok

  10. Ausar says:

    Thank you, Premier Fahie!

    Remittances are neccessary for the functioning of any country,and the speediness in this effort” is admirable!

    Continue the good work, in the preservation of the homeland!

    Like 2
    Dislike 5
  11. John says:

    The man of the cloth was on the radio begging the premier for it to open only to find out that he open a western union in fish bay

    Like 9
    Dislike 2
  12. Lol says:

    Yes we no we have to pay the 7% because the government say so but we have to admit the stupid bvi men give us the money to send .An the men that are sending bvi woman give them it to sen so do matter what.7 we will sen home money an we will pay our rent an we will still save big an dress the best we no what we come for so be carfull bvi .Dont forget we can cook clean an make a nice bed to wellcome the bvi men.

    Like 11
    Dislike 4
  13. My name says:

    The national development initiative is to pay ***** **** for renting her million dollar building at the moorings. So here goes…. ***** collect your money from the expatriates.

  14. Captain Flint says:

    Why didn’t the Government just put on tax everyone earning over a certain amount? The 7% tax on the alleged $89 million = $6,230,000.

    Instead why not raise the income tax from 0% to 7%:
    If earnings of 5000 people at $20000 x 7% = $7 million
    If earnings of 2000 earning over $50000 = $7 million
    If earnings of 1000 people x $100,000 = $7 million
    If earnings of 500 people x $200,000 = $7 million

    Just a suggestion folks!

    Like 5
    Dislike 1
    • Time will Tell says:

      Oh don’t you worry. The unemoloyment benefit everyone bitchin for soon coming as an additional deduction from salaries (new tax). So if it’s another tax you want, another tax you’ll have.

  15. Captain Flint says:

    This is the first step. Next step – wire transfers.

    Like 3
    Dislike 2
  16. Captain Flint says:

    How many international wire transfers per month are made per year? A 7% tax could be impose on those?

    Or the Government could introduce an ‘investors tax’ or ‘distribution tax’ on all monies paid to the shareholders or investors – this would raise millions. 7% of $100,000,000 million = $7 million.

    Like 1
    Dislike 1
  17. Captain Flint says:

    The Government needs to ensure that all business pay over the payroll deductions taken from employees. The focus of the Inland Revenue should be collections. How much debt is the Inland Revenue owed by businesses?

  18. Shake my head says:

    but look my child father… n he owe child support, well my peace

    Like 3
    Dislike 1
  19. The Reaper says:

    @Lol yes maybe u ladys can dress cheap because u all shop at the same stores that’s way u all look alike……7% ,rent ,Every thing. Pay up or Fly out ✈️ …Down the road here We come ..It feel so good to be back home in My country but wait things ruff here.I should have never leave BvI dammmmmm!!!!!!

  20. Lala says:

    DEAR PREMIER,

    IT IS UNFAIR THAT YOU HAVE CIVIL SERVANT THAT PUT IN OVER 25YEARS WITH THE GOVERNMENT RETIRED AND RETURN BACK HOME TO THEIR COUNTRY, THE COUPLE lITTLE DOLLARS THAT IS GIVEN TO THEM YOU ARE TAXING IT ON THEIR MONEY WHEN SOMEONE SEND OUT TO THEIR HOMELAND COUNTRY. WE NEED TO STOP IT
    WHEN WE TAKE FROM THE POOR GOD WILL DEAL WITH US. WE ARE SUPPOSE TO BE A CHRISTIAN COMMUNITY AND WE NEED TO STOP IT.

    YOU

    Like 4
    Dislike 3
  21. bobby says:

    Why is the government against the rest of the Caribbean people we should be one community today is yours tomorrow is mind be careful BVI.

  22. Sense says:

    I drove pass money gramme saw 10 people outside. That’s the millions the Government said is going out the country? Just a hand full sending out money you think people stupid. Many more is just waiting on flights to open up to go home.

  23. Socagirl says:

    THIS IS NOT THE TIME FOR ALL THIS HATING. WE ALL SHOULD BE LOVING ONE ANOTHER. BE HAPPY FOR ONE ANOTHER WEATHER WE HAVE IT OR NOT. WE ALL HAVE TO DIE SOME DAY AND LEAVE ALL VANITIES BEHIND. AS THE PREMIES SAYS WE ARE IN THIS TOGETHER. THIS IS TRUE TALK, WE SOON HIT HURRICANE SEASON PRAY FOR THE BEST AND STOP CONCENTRATE ON SMALL THINGS LIKE 7% AND RENT AND LETS LIVE AND LOVE EACH OTHER. AM NOT FROM THE BVI AND AM LOVED BY MANY HERE. SO PLEASE LET THE LOVE FLOW NOT HATE AND YOU WILL BE SURPRISE HOW WONDERFUL IT WOULD BE.

  24. Down island people blessed says:

    people and if we all decided to pack tf up and leave wanna country in shamble so shut tf up and let us do wtf we want to with our hard earned money, because at the end of the day we don’t wanna live the big life like ayuh tolans we rock our natural hair and proud of the little 2 pieces of rags we got and save the little we struggle for now you all wanna be envious tf outta here yall need to stop visiting the hair salon every week and the bars an the expensive stores an wanna play celebrity with ya broke ass and be like us it won’t hurt you guys like that

  25. disappointed. says:

    Soon the western Unions all over the island will close cause what you sow is what you reap. When one send 100.00 to their family $7.00 plus the other deduction of $10.50 has to be removed and that will be $17.50. This is wickedness on the poor man.

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