Money Transfers Issue to be Debated


Premier and Minister for Finance Hon. Andrew Fahie has mentioned that Government plans to introduce Money Service fees in the near future as a revenue earner for the Territory.

During the presentation of the 2020 budget estimates on 19 November in the House of House Assembly the Premier disclosed that the fees on services such as Money Gram and Western Union are being eyed as a contributor to Government’s coffers. The BVI Leader said: “The strategy anticipates increased income through the exploration of new revenue generating initiatives which include collections from the implementation of a money transfer fees…”

This is not the first time that the Premier announced his government’s intention to tax services such as Moneygram and Western Union. He previously made this known during in the House of Assembly on 31 July. At that time Hon. Fahie stated: “We believe that people could send their money where they want. We just gonna put on a lil fee soon…”

“We have a Bill coming that is going to allow us to …[put]just a little money on for anything that gets sent out. 20 percent will go to education, 20 percent going towards infrastructure, 20 percent going towards entrepreneurship and 20 percent going towards the consolidated fund.,” he added.

At that time the Premier also promised that the public will have a say on that proposal: “I will be bringing it to the public to debate on. If you send your money out it’s a win … and if you keep it here it’s a win. We like to create scenarios where there’s a win, win.”