Opposition senator recommends exemptions re Money Transfer fee increase
By Zaya Williams
The Money Services Business (Transfer) Levy Bill 2024 was passed in the Upper House on Friday, despite significant debate.
This will result in a 3 percent increase in fees from April 1.
Senator Jonathan Joseph, representing the United Progressive Party, raised concerns about the impact of the fee hike on residents and non-nationals alike.
He suggested exemptions saying, “I would however suggest that some sort of exemption can be made for individual parents who are transferring funds for children in university, individuals transferring to medical expenses. I think that is something that we can look at.”
In response, Government Senator Dwayne George argued that the levy increase is minor emphasizing that non-nationals benefit from services provided in Antigua and Barbuda.
“The same non-nationals we are talking about all benefit from services provided in Antigua and Barbuda,” he said
The increase is expected to generate over 100 million in revenue, but concerns remain about its impact on residents many of whom are already struggling.
Despite differing opinions, the bill has been passed and will soon be implemented, affecting how money services business fees are calculated and paid.
This story was first published by Antigua News on : antigua.news/2024/03/03/opposition-senator-recommends-exemptions-re-money-transfer-fee-increase. © 2024 Antigua News. Republication without permission is not allowed.
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Comments (2)
Donna. March 3, 2024, 11:13 AM
You migrate here for a better life and also to help grow our economy, not to bleed it dry.
Anonymous March 3, 2024, 11:45 AM