Regulatory Alerts2015-06-26
Circular Letter 07: Fees on Outbound and Inbound Transfers
The Central Bank of Haiti issued Circular Letter 07 to mandate a USD 1.50 fee on all international transfers processed through its payment platform, applicable to both outbound and inbound transactions. The regulation specifies that this fee is collected at the source and must be excluded from value-added tax calculations. Furthermore, the circular establishes a phased implementation schedule requiring full declaration of all international transfers to Haiti starting June 15, 2011, for specific regions and July 1, 2011, for all jurisdictions.
Central Bank of Haiti The Governor
CIRCULAR LETTER # 07
CIRCULAR LETTER TO COMMERCIAL BANKS, TO SAVINGS AND HOUSING BANKS AND TO MONEY TRANSFER COMPANIES
Following Circular 98 on the conditions for executing international transfers to and from Haiti (inbound and outbound) and the meetings held on Friday, May 27, 2011, and Tuesday, May 31, 2011, the Central Bank of Haiti (BRH) is pleased to confirm to commercial banks, savings and housing banks, and money transfer companies the following:
1. Use and fees for using the BRH payment platform
The fees for testing, certification, use, and inspection of USD 1.50 must be collected in accordance with the rules currently in use within the institutions covered by this circular. The fees will therefore be collected at the source, whether on transfers sent abroad or on transfers received (cash or in kind) from abroad.
These fees must not be taken into account when calculating the value-added tax (VAT).
2. Date of entry into force
Effective June 15, 2011, Circular 98 applies to all international transfers (inbound and outbound, cash or in kind) carried out to the following geographical areas:
- United States of North America;
- Canada;
- Turks and Caicos Islands;
- Bahamas.
Effective July 1, 2011, commercial banks, savings and housing banks, and money transfer companies are required to declare all international transfers to Haiti (inbound and outbound) regardless of the form in which the beneficiary receives the transfer (cash or in kind).
Port-au-Prince, May 31, 2011
(Signature) Charles Castel
P.O. BOX 1570, Port-au-Prince, Haiti. Telephone: 2940-2009/ 2998-2024/ 2998-2025