Senate approves legal change to increase tax on money transfers
The Senate has approved a legal change that will increase the tax on money transfers from two percent to five percent in Antigua and Barbuda.
The Money Services Business (Transfer) Levy Bill 2024 has now passed both Houses of Parliament and is expected to be enforced from April 1.
This increased levy applies to all funds sent out of Antigua and Barbuda via licensed money transfer businesses.
The aim of this bill is to generate additional revenue for the public coffers, which will help the government meet its monthly obligations on time. However, opposition politicians claim that this bill unfairly targets migrants, for whom remittances are a financial lifeline.
Despite opposition, government senators claim that this nominal fee is necessary to ensure that non-nationals contribute to the services provided by Antigua and Barbuda.
This increase in the levy is predicted to translate to a significant contribution to government revenue and bring the country one step closer to being sustainable.
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Donna March 3, 2024, 1:42 AM