• Latest

Increased Banking fees not Linked to VAT

6 years ago
Vacancy: Accountant

Vacancy: Accountant

7 hours ago
New PWU president’s vision to unite and empower members

PWU disturbed by reports of dismissals and transferring of members

8 hours ago
RGPF

Accused of multi-million dollar drug charges to stand trial

8 hours ago
Ministerial Complex Workers Relocating

Carriacou Covid Economic Support Secretariat Office relocated

14 hours ago
Higher Gas Prices for March 2014

Gas prices for August 2022

15 hours ago
CDB officials visit Carriacou

CDB officials visit Carriacou

18 hours ago
Layne Wins Table Tennis Easter Open Tournament at PWU

GTTA stages ITTF Level 1 Certificate Coaches Workshop

1 day ago
RGPF

Man charged with Possession of Illegal Firearms

1 day ago
Caribbean Artists at forefront of Virgin Atlantic’s Upper Class experience 

Caribbean Artists at forefront of Virgin Atlantic’s Upper Class experience 

1 day ago
Party boat crew members detained following assault of sportsman Anderson Peters

Harbour Master crew fined for Causing Harm to Anderson Peters

2 days ago
Vacancy: Chief Executive Officer

Renewal of Tourism Enterprise Operators’ Licences 2022/2023

2 days ago
Work Permit Processing

Applications for work permits

2 days ago
NOW Grenada
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Increased Banking fees not Linked to VAT

This story was posted 6 years ago
29 June 2016
in Business, General News
2 min. read
Share

by Linda Straker

Mr Mike Sylvester, Permanent Secretary in the Ministry of Finance has refuted claims that increased banking fees are a result of the Value Added Tax (VAT) which Grenada adopted since 2010 — and says that it is a consequence of the banks taking a decision to charge for their services.

Explaining that from the start of implementing the VAT system, banks were mandated to charge VAT on certain services, Sylvester said that the recent increase has nothing to do with the broadening of the VAT base.

“The broadening of the VAT base will require parliamentary approval and that was not done… It must be understood that from the start, there was VAT on specific banking fees such as safety deposit box or credit card renewal fees,” said Sylvester, when he addressed the post-Cabinet weekly briefing on Tuesday morning. “You have an increase in banking fees and that is a separate issue, because these fees are not regulated by Government or the Eastern Caribbean Central Bank,” he added.

Advising that it does not have the powers to regulate commercial banks’ fees and charges, the Eastern Caribbean Central Bank (ECCB) in a recent statement said that it was concerned about the increase in commercial banks’ fees and charges across the Eastern Caribbean Currency Union (ECCU) and the effects on depositors.

Recommending that commercial banks operating within the ECCU explain their rationale for the increases in fees and charges to their customers and the public at large, the ECCB said that the issue of bank fees and charges was recently discussed by the Monetary Council which is the highest decision-making body of the ECCB.

Economic Affairs and Planning Minister Oliver Joseph said that these are indications that the new fees have backfired on the banks, because people are closing down accounts. He further called on the banks to explain the reason behind the increase in monthly fees.

“These fees are not related to VAT, because VAT started since in 2010 and these fees are recent,” he said.

Thousands of customers in Grenada and across the Eastern Caribbean have closed down accounts at the RBTT Bank, since it enforced a EC$25 monthly fee on regular saving deposit accounts.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: bankeccbeccufeesincreaselinda strakermike sylvesteroliver josephvat
Next Post
IAAF Class 1 Certification for New Football and Athletics Stadium

National Champs 2016 Results

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.