The Senate in Antigua has approved a bill that will see a hike in fees for people wiring money out of the country.
The Upper House on Friday approved a legal change to more than double the tax on money transfers, from two per cent, to five per cent.
The Money Services Business (Transfer) Levy Bill 2024 – which has now passed both houses of Parliament – is expected to be enforced from April 1.
The increased levy applies to all funds sent out of Antigua & Barbuda via licensed money transfer businesses, which then have 30 days from month-end to pay it to the Inland Revenue Department.
The Government says the additional revenue – first announced in December's budget – will add crucial dollars to public coffers and help it meet its monthly obligations on time.
While opposition legislators have charged that the measure unfairly targets migrants, Leader of Government Business Samantha Marshall has countered that the current rate had been in place for more than 20 years.
Ms Marshall denied the move was anti-migrant, pointing out the government eradicated work permit fees for Caricom nationals last year.
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