The banks’ Automatic Teller Machines (ATM’s) in Tonga are not able to add on a charge for the government’s new Foreign Exchange Levy introduced on June 1, and the banks are absorbing the cost of the levy on overseas transactions made through ATMs.
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Results for Foreign Exchange Levy
Wednesday 15 June 2016
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Nuku'alofa, Tonga
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Wednesday 1 June 2016
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Nuku'alofa, Tonga
Tonga’s bankers, who fought to stop the imposition of a new Foreign Exchange Levy that came into effect today June 1, say the legislation is poorly drafted and imposes an unfair tax on the financial sector, which will be passed on to the community – particularly affecting remittances.
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Wednesday 11 November 2015
Nuku'alofa, Tonga
With the current exchange rate…of banks on NZD, this levy would reduce their margin on foreign exchange transactions by 60%. …This seems like a huge tax so one would expect that the banks would simply reduce the TOP paid out or increase the TOP to be paid by 1c for every unit of foreign currency received or paid out. - Peter Goldstern
Thursday 29 October 2015
Nuku'alofa, Tonga
Now that Government has found a way to levy a 1% taxation on remittances...it adds to the high currency transaction fees that the banks and fund transfer operators are already charging ordinary folks. Instead of finding ways to improve the economy, Government is once again robbing people of the only source of income from the hard labor of their loved ones living and working overseas. – Sione Ake-mei-hakau Mokofisi.
