US Bill finally sets NRI remittance tax to 1% |
US President Donald Trump has had to agree to scale down the proposed 5% tax on NRI outward remittances from US down to 1%. Trump’s One Big Beautiful Bill Act, passed a key Senate approval. In that the remittance tax is cur down to 1%. The Indian community that comprises more than 1 million NRI professionals in the US and Green Card holders who lobbied hard for this needed relief. US has lost millions in revenues they wisher to collect from NRIs who send money home. The tax will apply to the amount of the remittance made via cash, money orders, or cashier`s checks.
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