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Premier declines to offer reprieve on remittance tax

Premier declines to offer reprieve on remittance tax

Premier Andrew Fahie has declined offer a reprieve to persons facing a seven per cent remittance tax when they use money transfer services in the territory.
When asked at a press conference last week if he felt this was an opportune time to do so given the economic hardships residents are facing due to steadily rising prices globally, the Premier said his concern was focused on the BVI.

“The stimulus that we are doing here will be able to help us to stem the tide here in the Virgin Islands,” the Premier said.

He continued: “Our concern is going to be here in the Virgin Islands – the economic impact that we’re feeling. Whatever persons want to do with their money that they will be able to save from the stimuli that we are going to do, that’s up to them.”

The Premier just recently announced a stimulus initiative that will see a significant reduction of Customs duties on various items and said this will be put in place to ease the financial burdens of the people. He said this will be effective from April 15 for three months in the first instance.

The Premier also announced that there would be a 50 per cent reduction on the import duty on gasoline and diesel.

“This should give our people some relief at the gas pumps and in their pockets,” Premier Fahie stated recently.

According to Fahie, “not only will this initiative help to ease the burdens on businesses and individuals, but it will help to increase the purchasing power of people across all sectors.”

Opposition Leader Marlon Penn recently referred to the money transfer services tax implemented by the Fahie-led government as a burden placed on the backs of the poor and as a tax placed on persons who can ill afford to pay it.

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