The government is moving to collect more tax revenue from people who utilize the
money transfer businesses to send funds overseas.
The increase is covered by the Money Services Business (Transfer) Levy Bill,
2024, which was approved by the House of Representatives on Thursday. The new
act falls under the ambit of the Tax Administration and Procedures Amendment
Bill, 2024, which was also amended during the session.
Under the bill, the current tax of two percent that is payable for sending money
overseas will increase to five percent.
The mover of the bill, Prime Minister and Finance Minister, Gaston Browne
explained that significant amounts of money leave the country each year via the
money transfer services.
The estimate for 2024, according to the prime minister is in the region of $100
million. He said this is due to the high rate of non-nationals who live and work in
Antigua and Barbuda and who routinely send money to family and others in their
native lands.
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