Notice: Periodic Basis for Transaction Levy Payment by Class ‘A’ Licensee to Commission

The British Virgin Islands (BVI) Financial Services Commission has issued a notice regarding the periodic basis for which the transaction levy collected by a Class ‘A’ licensee shall be paid to the Commission.

Background

According to the Money Services (Amendment) Act, 2020, Class ‘A’ licensees are required to pay a transaction levy on certain financial transactions. This notice clarifies that the payment of this levy will be made on a periodic basis, rather than as and when collected.

Guidelines for Calculation and Payment

The Commission has provided guidelines for the calculation and payment of the transaction levy, which will be applicable to all Class ‘A’ licensees. The notice emphasizes the importance of:

• Accurate record-keeping
• Timely payments
• Compliance with regulatory requirements

Objectives

This development aims to improve the transparency and efficiency of financial transactions in the BVI, while also enhancing the Commission’s ability to regulate and supervise licensed entities.

By implementing a periodic payment system for transaction levies, the Commission is committed to creating a more streamlined and effective regulatory framework. This will benefit both licensees and the financial industry as a whole, by promoting transparency, accountability, and compliance with regulatory requirements.