The Government of the Virgin Islands is moving forward with the necessary steps to enact a reduction from 7-percent (7%) to 3.5-percent (3.5%) on the money services levy.

Acting Financial Secretary, Mr. Jeremiah Frett said the Cabinet’s decision to cut the levy by 50-percent (50%) on July 20 will not come into effect until the necessary legal actions are taken.

Mr. Frett said those actions include an amendment to Schedule 3 and Section 45A of the Financing and Money Services Act, Revised Edition 2020 (as amended by Act No. 6 of 2020); the drafting of the relevant Order for the aforementioned amendments; the publishing of the Order in the Official Gazette; and the laying of the Order on the table of the House of Assembly at its next convenient Sitting.

The Financial Secretary noted, “We thank the public for its patience as we work towards the official enactment of the reduced levy,” adding that the public will be notified via the Government of the Virgin Islands’ official website and social media channels.

To stay up to date with the next steps on the reduction for the Money Services Levy, and other legislation, go to www.bvi.gov.vg or follow ‘Government of the Virgin Islands’ or @BVIGovernment on Facebook and Twitter, and @GISBVI on Instagram.

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Acting Financial Secretary, Mr. Jeremiah Frett