Government not Responsible for New Banking Fees

Thursday, June 30, 2016 4:04 PM- George's, Grenada

ST. GEORGE’S, GRENADA, June 30, 2016 – GIS: The Grenada government says it’s not responsible for the new fees being introduced to customers by local banks.

Permanent Secretary in the Ministry of Finance Mike Sylvester was clearing the air on Tuesday June 28 amid growing concerns from customers about new banking fees.

One bank has introduced a monthly 25 dollar fee to its customers.

“What you have seen and heard in recent times has nothing to do with the new tax that is being  implemented. It has nothing to do with the broadening of the VAT base, I want to make that point relatively clear. For Government to implement a new tax or broaden a base you either have to go to parliament for a "yes" or "no". That has not happened in recent time so it’s not an issue of a new fee,” Sylvester said.

The Permanent Secretary says with no regulations governing fees, banks are free to increase fees for their services.
Trade and Economic Development Minister Hon. Oliver Joseph says it is important that people understand what is happening.

“Since 2010 VAT was introduced, not this year and there has been no change to the rate, and no increase to the fees, so now the fees have increased it cannot be said because you have to pay VAT you increase the fees” Minister Joseph said.




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