Regulatory Alerts2020-05-14
Notice: Periodic Basis for Transaction Levy Payments by Class A Licensees
The Financial Services Commission of the Virgin Islands issued a notice under the Financing and Money Services Act, 2009 to establish the payment schedule for transaction levies. The Commission determined that Class A licensees must pay the collected transaction levy on a quarterly basis rather than monthly. This new quarterly payment requirement takes effect from June 30, 2020.
VIRGIN ISLANDS STATUTORY INSTRUMENT 2020 NO. 54 FINANCING AND MONEY SERVICES ACT, 2009 (No. 9 of 2009) A NOTICE BY THE FINANCIAL SERVICES COMMISSION UNDER SECTION 45A (3) OF THE FINANCING AND MONEY SERVICES ACT, 2009 DECLARING THE PERIODIC BASIS FOR WHICH THE TRANSACTION LEVY COLLECTED BY A CLASS ‘A’ LICENSEE SHALL BE PAID TO THE COMMISSION [Gazetted 14th May, 2020] WHEREAS it is provided by section 45A (3) of the Financing and Money Services Act, 2009 (No. 9 of 2009) that the transaction levy collected by a licensee under subsection (1) of that section shall be paid to the Financial Services Commission on a monthly basis or on such other periodic basis as the Commission may, by a notice published in the Gazette, determine; NOW THEREFORE, in exercise of the power vested in the Commission, it is hereby determined that the transaction levy collected by a licensee under section 45A (1) of the Financing and Money Services Act, 2009 shall be paid to the Commission on a quarterly basis with effect from 30th June, 2020. Made by the Financial Services Commission this 11th day of May, 2020. [Sgd.] Kenneth Baker (Ag.) Managing Director Financial Services Commission