Trump’s 5% remittance tax proposal raises alarm across Africa

Trump’s 5% remittance tax proposal raises alarm across Africa

A new proposal from the Trump administration to impose a 5% tax on international remittances has triggered growing alarm among African communities and financial analysts, who warn of potential economic shocks in several countries heavily reliant on funds from their diaspora. The plan, introduced by Republican lawmakers, would apply the tax to money transfers made by non-U.S. citizens, including green card and visa holders. U.S. citizens would be…

U.S. Proposes New 5% Tax on Money Transfers Abroad by Foreign Nationals: What It Means for Cameroonians Living in America

Sending money back home is a deeply rooted practice for many Cameroonians living in the United States. It is not just about finances—it is about family, duty, and staying connected to one’s roots. However, a new tax proposal making its way through Congress threatens to make this essential act of support significantly more costly. The … The post U.S. Proposes New 5% Tax on Money Transfers Abroad by Foreign Nationals: What It Means for Cameroonian…

Nigerians to be affected as US moves to Tax diaspora remittances - Newsy People

Nigerians sending money home from the United States could soon face new financial hurdles as US lawmakers propose a 5% excise tax on all international

The governor warns about the negative impact in municipalities that depend on remittances By: Editorial The governor of San Luis Potosí, Ricardo Gallardo Cardona, spoke about the proposal of some U.S. Republican congressmen to implement a 5% tax on remittances sent from the U.S. to Mexico by illegal immigrants. “This is not going to help anyone, it is not going to help the U.S. finances, it is going to generate a wave of corruption since they wi…

US Lawmakers Propose 5% Tax on Overseas Remittances, Nigerians Among Those Likely to Feel the Pinch - TV360 Nigeria

A new bill introduced by Republican lawmakers in the United States House of Representatives seeks to impose a 5 percent tax on international remittances  a move that could significantly impact millions of immigrant families, including many Nigerians who rely on cross-border money transfers. The draft legislation, released on Monday, proposes an excise tax on funds sent abroad by non-citizens, with only verified U.S. citizens exempted from the le…

Nigerians To Be Affected As US Moves To Tax Diaspora Money Transfers - Thepodiummedia

In a move that could send shockwaves through immigrant communities, lawmakers in the United States have introduced a draft bill proposing a 5 per cent excise tax on all remittances sent abroad. The bill, unveiled by House Republicans on Monday, targets financial transfers from US residents to recipients in foreign countries. While it broadly affects immigrant families, the proposed tax poses a challenge for Nigeria, a country heavily dependent o…