Antigua and Barbuda’s Parliament passed a measure yesterday to increase money transfer taxes from 2% to 5%, following a proposal by Prime Minister Gaston Browne.
The amendment, known as the Money Services Business Transfer Levy Bill 2024, aims to enhance government revenue by capturing a larger share of the significant money transfers made by expatriates and others in the country.
In his address to Parliament, Prime Minister Gaston Browne defended the measure, stating, “We think it’s only fair that the government gets its fair share of the taxes, and it’s one of the areas in which we’re seeking to raise additional revenues to fund government operations.”
He also highlighted that the increase is part of broader efforts to raise additional revenues to support government operations.
However, the measure was met with strong opposition from MP Richard Lewis, who expressed concerns about its potential impact.
“I have a problem with the imposition of any tax without an administration first giving a full account to the people, the taxpayers, that is, of how its tax dollars have been spent,” he stated.
MP Lewis further criticized the government, saying, “You campaigned on no ABS increase and lower cost of living for the people of Antigua and Barbuda, and just a year and a few months later, you have failed the people of Antigua and Barbuda, you have reneged.”
Despite the opposition, the measure was passed in Parliament, marking a significant change in money transfer taxes in Antigua and Barbuda.
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