London Daily

Focus on the big picture.
Thursday, Oct 02, 2025

7% tax on all $$ leaving the BVI via money transfers

7% tax on all $$ leaving the BVI via money transfers

The government of the British Virgin Islands is introducing a seven-percent tax on all monies leaving the territory through money transfer agencies.

This will be made possible through a bill entitled the Financing & Money Services (Amendment) Act 2020, which passed in the House of Assembly on Friday, April 17.

“The fee applies only with respect to monies transferred outside the territory and is to be collected by the licensed transmitter to be paid to the Financial Services Commission (FSC),” Premier Andrew Fahie said during Friday’s sitting of the House.

Fahie, who is also the Minister of Finance, further said the monies collected from all transactions will be deposited into a fund earmarked for various national development initiatives.


Sectors to benefit from fund

While listing a number of areas that will benefit from the fund, Fahie said each of those areas will get 20 percent of the overall taxes collected for monies sent.

He said these areas include programmes benefitting seniors.

“This will include infrastructure, assistance programmes and other initiatives subject to Cabinet’s approval,” Fahie said.

He added: “Educational programmes, infrastructure, scholarships – specifically medical, hospitality, fishing and agriculture areas – and other initiatives subject to Cabinet’s approval will [also] get 20 percent of the proceeds.”

Landbank and first-time homeowners, as well as the fisheries and agriculture sectors, are the three other areas that will each benefit from 20 percent of the overall fund.


7% funds not to receive deductions from FSC

The Finance Minister also said the monies collected from the seven percent will not be subject to other deductions after being collected by the FSC.

According to Fahie, this is to maximize the revenue that will be available to support all intended initiatives.

“The monies collected by the commission will not be subject to the statutory sliding scale percentage withholdings deducted by the commission, and any other revenue that the commission collects and pays over to the government under the Financial Services and Commission Act,” he said.

Premier Fahie described the Bill as a very important development in the territory’s financial services. He said it is needed for times when economies across the world are threatened by pandemics such as COVID-19.

The Financing & Money Services (Amendment) Act must now be assented by the governor to become law.

Newsletter

Related Articles

0:00
0:00
Close
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
Nvidia Pledges Up to $100 Billion Investment in OpenAI to Power Massive AI Data Center Build-Out
U.S. Signals ‘Large and Forceful’ Support for Argentina Amid Market Turmoil
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
Vietnam Faces Up to $25 Billion Export Loss as U.S. Tariffs Bite
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Indonesia Court Upholds Military Law Amid Concerns Over Expanded Civilian Role
Larry Ellison, Michael Dell and Rupert Murdoch Join Trump-Backed Bid to Take Over TikTok
Trump and Musk Reunite Publicly for First Time Since Fallout at Kirk Memorial
Vietnam Closes 86 Million Untouched Bank Accounts Over Biometric ID Rules
×