Organisation : Inland Revenue Department (IRD)
Facility Name : Money Transmission Levy
Country : Anguilla
Website : https://ird.gov.ai/Services/Tax/money_transmission_levy
What is the Money Transmission Levy?
The Money Transmission Levy is a 2% transaction levy on the amount of funds being transmitted outside of Anguilla. It is charged by any Money Service Business Licensee holding a “Class A” Licence under the Money Services Business Act. Effective 1st January 2022, these entities are authorized under the Money Transmission Act 2021 to collect this levy from its customers, for each applicable transaction.
Related / Similar Facility : IRD Anguilla Liquor Licence
IRD Anguilla Money Transmission Levy Application
(1) This Act applies to all holders of a Class A licence pursuant to the Money services Business Act.
(2) Notwithstanding subsection (1) where a holder of a Class A licence is a government department only sections 3 and 12 are applicable.
Money transmission levy on a Class A licensee:
(1) Any licensee holding a Class A licence pursuant to the Money Services Business Act is required to collect from its customers, a 2% transaction levy on the amount of funds being transmitted outside of Anguilla, per transaction.
(2) Class A licensees shall remit the collected money transmission levy, on behalf of the customer, to Comptroller on a monthly basis.
(3) For the purposes of this Act, if a Class A Licensee does not collect the money transmission levy under subsection (1), the Class A Licensee is nevertheless deemed to have collected the levy.
Filing returns and remitting money transmission levy :
A Class A licensee who is liable to remit a money transmission levy under section 3 shall, not later than 30 days after the end of each month
(a) file a return in relation to the money transmission levy for the previous month in the form and manner and containing the information prescribed or, if no regulation is made prescribing the foregoing, then in the form and manner and containing the information specified by the Comptroller; and
(b) remit to the Comptroller the money transmission levy for the previous month.
FAQ On IRD Anguilla Money Transmission Levy
Frequently Asked Questions FAQ On IRD Anguilla Money Transmission Levy
When does the Money Transmission Levy come into effect?
The Money Transmission Levy comes into effect on 1st January 2022.
Who is authorized to charge the Money Transmission Levy?
Any Money Service Business Licensees holding a “Class A” Licence is authorized to charge the Money Transmission Levy. These include GraceKennedy Money Services (Anguilla) Limited – agent for Western Union and the General Post Office – agent for MoneyGram.
How is the Money Transmission Levy transmitted to the Inland Revenue Department/ Government of Anguilla?
On a monthly basis, the Money Service Business Licensee would remit the money collected from customers, to the Comptroller of IRD. A return is required to be filed not later than 30 days after the end of each month.
What happens if the Money Service Business Licensee fails to file a return on time?
Failure to file a return as and when required would result in a penalty of EC$50 for each day of default to a maximum of EC$2000.