Editorial Staff
03/03/24 08:20

Editorial Staff
03/03/24 08:20

Opposition senator recommends exemptions re Money Transfer fee increase

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​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.

2 Comments

  1. Donna.

    How can they be struggling and still transferring this large sum of money every month? I am a strong UPP supporter but when it comes to this type of bill, I am in full support of it. I am always against this large sum of money leaving our shores daily and being taxed so low. Too much money is leaving our shores daily and most of that money are from the non-nationals community. Antiguans and Barbudans who have children in universities overseas can set up an account for their children locally, give them a Debit or Credit card where can withdraw the funds they needed from any ATM machine. Yes, using the ATM overseas are also taxed but not as high as transferring money.
    You migrate here for a better life and also to help grow our economy, not to bleed it dry.

    Reply
  2. Anonymous

    I agree 100%

    Reply

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