London Daily

Focus on the big picture.
Thursday, Jul 10, 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
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
×