BVI News

Why no scrutiny of banks in money transfers?

Labour Minister Melvin ‘Mitch’ Turnbull

Labour Minister Melvin ‘Mitch’ Turnbull has questioned the lack of scrutiny on local banks in the face of a money transfer tax on money service institutions such as Western Union and MoneyGram. 

The Second District Representative recalled the time the tax legislation was being placed on residents and pointed out that he was against the law at the time.

“I didn’t agree with it because, from what I understood and what I believed in my [heart], that money was already taxed,” Turnbull said.

“I said then that we are looking at putting additional taxes on the backs of the people and these are the people who are in the working class, who are carrying our economy, who are helping to provide for their families,” Turnbull stated.

Turnbull said he was lobbying with others to reverse the legislation, but argued that he was unsuccessful.

In the end, he said negotiations among legislators were able to realise a reduction from seven per cent to 3.5 per cent for the money services tax.

“I asked the question then, ‘why are we not looking at the banks?, because when you talk about money transfers, we have never been able to have the courage — I will use that word — to approach these banking institutions who transfer [monies],” the legislator said. 

He continued: “We look at money services and the institutions of Western Union and MoneyGram and some of the other ones to the Dominican Republic and we look at them and we talk about these millions of dollars and $6 million here and $5 million there, but when you look at the banks and the money that they wire and transfer on a daily basis, the monies through these agencies that I just mentioned a while ago is peanuts but we’re not addressing them.”

Turnbull argued that lawmakers need to have these tough conversations and said while it is their right to protect the investments of the people, it is also their right to ensure that when they are doing such initiatives, it is done across the board. 

 

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18 Comments

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  1. Power hungry says:

    He just reach back from spending $24,000 of tax payers money on a guest class airplane ticket? He is the most de***tful and power hungry politician we have ever had. He would do anything for power and wrap himself up in his Christianity.

    Like 27
    Dislike 2
  2. Tis The Seaons! says:

    Everybody pointing out the obvious problems since it’s almost that time again.

    Like 8
    Dislike 1
  3. So, Mr Minister says:

    You generally have all the answers. What is the answer to this one? Why are y’all not looking at the banks? And when you look at the banks what are you looking for? Whose wire transfers will be taxed? Is it every wire transfer? What about the expat who is returning home and taking their money? What about you and other locals sending money overseas to kids in school including paying school fees? What about anybody including BVIslanders sending money to pay hospital bills for the care of a seriously ill loved one who is getting care overseas? What are you thinking when you’re thinking about taxing wire transfers through the banks? We all, including the banks, would like to know.

    Like 13
    Dislike 1
  4. reality says:

    yes some of the money sent out the country is legitimate earning that have already been taxed , but most is not, most is from cash businesses that do not pay their share of local taxes but burden the country with their families in healthcare and education, there `i said it!

    Like 3
    Dislike 13
  5. Wow says:

    I’ve been saying this since the implementation of this “poor man’s tax”. Millions on millions leave the bvi every day through the banks. Yet the government see it fit to tax the simple worker sending money to feed their family.

  6. sand hog says:

    Tell us about the trip to the pyramids

  7. Answer says:

    Facts! And not pointing out any answers!!

  8. Interested says:

    He should be the last person to speak,Check his wastage Of taxpayers money on his long haul unnecessary travels

  9. Sick of him says:

    People will soon find out the snake that this self proclaimed Christian is. He is nothing but confusion. He is as power hungry as they come.

  10. BVI is a mess says:

    He finish dressing up like Bin Laden on his $30, 000 around the world first class ticket? I hope it wasn’t tax payers who paid for those bin Laden clothes he was wearing. They can’t cut the bush ahead of the tourist season but they find money to burn to go a conference halfway around the world where we have no voice or impact all because he wanted a trip.

  11. @Power hungry says:

    HE NEEDS TO SCRUTINIZED HIS OWN MONEY, CLEAN UP THE SECOND DISTRICT AND STOP BEING SO HIGH AND MIGHTY WITH HIMSELF. WASTE OF TIME AND ENERGY.

  12. @BVI is a mess says:

    I want to like your comment 100 times. All he can say is there is no money, but he can find money for nonsense.

  13. What? says:

    Am I missing something? Why does he claim
    That money gram and western Union are
    used by working class people and not the
    banks? Surely they all do the same thing-
    Send money overseas. What’s the difference?

  14. Dead says:

    Mitch is e**l look what he did the Labour Commusioner he needs to be voted out to damm power hungry

  15. Mary says:

    Hon.Turnbull can introduce legislation to tax bank transfers.as a member of the House.

  16. @ WOW says:

    well a bully always look for someone smaller that they flex off on ( just ask the VG prince 🤴 the evil one

  17. Answer says:

    1% tax on all wire transfers. Banks, money gram, western union or any otber.

  18. Banker says:

    Mitch is talking garbage. More money flows into the BVI for investment than flows out. The FSC has the numbers as banks report to them every quarter. What does flow out is the proceeds of drug trafficking and money laundering orchestrated by the head coach and his cronies. No politician is immune from a charge of corruption or incompetence or both. Get rid of the lot of them, follow up on the CoI’s findings and send them all to Balsam Ghut for theft of the people’s money

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