New Tax on International Money Transfers: Rules and Exemptions.
A new law introduces a 15% tax on money transfers sent abroad. US citizens can claim a refund of this tax if they meet specific conditions. Money transfer providers will be responsible for collecting and remitting this tax, as well as reporting transaction data.
Key points
Introduction of a 15% tax on the amount of each money transfer sent abroad.
The tax is paid by the sender, and money transfer providers are responsible for collecting and remitting it.
US citizens can receive a refund of the paid tax if their status is verified by the provider and they provide a social security number.
Money transfer providers must report transaction information, including sender data and tax amounts.
Status:
Introduced
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