US EditionU.S. Remittance Tax Drops To 1%. Indian Americans Breathe Sigh Of Relief
4 Articles
4 Articles
Budget Law Adopts Modified Version of Flawed Tax on Remittances
On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act, which adopts numerous tax and spending changes, including a new tax on remittances. The final version of the remittances tax will avoid some of the problems that would have arisen if the earlier versions (discussed here and here) had been adopted. Unfortunately, however, the tax will still serve no useful policy purpose. The tax, which will take effect on January 1…
According to the World Bank in 2024, $56 billion was sent to Sub-Saharan Africa. $10 billion came from the United States. Nigeria receives $5.7 billion from the United States. US remittances account for about 20% of GDP in Liberia. Money transfers from the United States to Africa will soon be taxed more.
U.S. Remittance Tax Drops To 1%. Indian Americans Breathe Sigh Of Relief
Estimated reading time: 4 minutes Tax drop for funds transfer abroad The new remittance tax codified in President Trump’s ‘Big Beautiful Bill’ Act was originally introduced at 5% in the first version of the bill to fund his second-term agenda; it includes an estimated $170 billion dedicated to immigration enforcement and border-related operations. The tax was then reduced to 3.5%, and passed at 1% in the final reconciled bill. While previous v…
Usa: Trump Introduces Tax on Money Transfers Abroad, Tough Hit for African Countries · Global Voices
Voted at the beginning of July, the new tax on remittances by American non-citizens must fund the strengthening of the immigration police. Diaspora and their families, particularly in Africa and Latin America, are already fearful of huge losses.
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