The one per cent excise tax on remittances sent from the United States took effect on Thursday January 1, 2026.
The one per cent tax is set out in the 'Big Beautiful Bill' passed by the US Congress in July.
The new tax applies to cash and check transfers, but not for online money.
Finance Minister Fayval Williams has said that while the government is still studying the possible effects of the new tax, she does not believe that it will result in any significant fallout.
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