The Antigua and Barbuda Senate has accredited a invoice that can see a hike in charges for individuals wiring cash overseas.
The Higher Home on Friday accredited a authorized change to greater than double the tax on cash transfers from two p.c to 5 per cent.
The Cash Companies Enterprise (Switch) Levy Invoice 2024 – which has now handed each Homes of Parliament – is predicted to be enforced from April 1.
The elevated levy applies to all funds despatched out of Antigua and Barbuda through licensed cash switch companies, which then have 30 days from month-end to pay it to the Inland Income.
The Authorities says the extra income – first introduced in December’s funds – will add essential {dollars} to public coffers and assist it meet its month-to-month obligations on time.
Whereas opposition legislators have acknowledged that it unfairly targets migrants, Chief of Authorities Enterprise, Samantha Marshall, stated the present fee had been in place for greater than 20 years.
“The 2 per cent was initially launched by way of an order signed by the minister. We now have a invoice which finally will turn out to be an act and that can supersede the order,” she defined.
Marshall denied the transfer was anti-migrant, declaring the federal government eradicated work allow charges for Caricom nationals final 12 months.
She stated the rise would translate to a “vital contribution” to authorities income.
Marshall stated cash switch charges of seven per cent within the British Virgin Islands had introduced in US$2 million inside a 12 months of coming into impact in 2020.
“These monies had been used for social, well being and agricultural programmes,” she stated.
“These are related measures we’re taking to make sure that Antigua and Barbuda – regardless of all the pieces taking place on this planet – can preserve the trajectory to be sustainable.”
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