Advertisement

Trump's 'big, beautiful' spending bill to include 1% tax on remittances

 
US President Donald Trump's 'Big Beautiful Bill', expected to be signed into law on Friday, will include a 1% tax on remittances.
 
Experts have said this tax on international cash transfers will have a major effect on immigrants working in the US, including Jamaicans.
 
Tens of billions of US dollars in remittances are sent to other countries from the US every year.
 
Earlier versions of the bill included higher tax rates and specifically targeted illegal immigrants sending money outside the US.
 
The current version of the bill however imposes a 1?e only on cash transfers, not electronic transfers sent to other countries.
 
US citizens who want to send cash to other countries will also be subject to the 1% tax.
 


comments powered by Disqus
More Stories
Most Popular
Jamaican to be deported from Barbados...
NCB Capital Markets to provide cash upfront...
Gov't implementing measures to combat...