Update to the new withholding tax on BVI money remittance firms

We recently published a blog post about the various recent amendments to the Financing and Money Services Act 2009 (the FMSA). A link to the blog post can be found here. The FMSA was amended by the Financing and Money Services (Amendment) Act 2020 and introduced new obligations on Class A licensees under the FMSA.

On 14 May 2020, a Notice (the Notice) was published in the Gazette by the BVI Financial Services Commission (the FSC) under section 45A(3) of the FMSA declaring the periodic basis for which the transaction levy collected by Class A licensees shall be paid to the FSC.

Under the Notice, the transaction levy collected by a Class A licensee should be paid to the FSC on a monthly basis or such other periodic basis as the FSC may determine.

The requirement to pay the transaction levy to the FSC on a monthly basis commences as of 30 June 2020.

A copy of the Notice can be found here.