The House of Assembly is currently debating a bill entitled “Financing and Money Services (Amendment) Act 2020” that will impose a new tax on all outgoing Money Transfers.
The bill if passed will impose a transaction fee of 7% on the gross amount of every transaction made through a money services provider. The Premier said that the fees applies only with respect to monies being transferred outside the territory and is to be collected by the license transmitter to be paid to the Financial Services Commission.
This new tax revenue will be allocated, 20% each, to 5 primary areas namely, Education, Fisheries, Agriculture, First Time Home Owners and the Elderly programs.
The bill is scheduled to be passed today before the House concludes the session.