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New Draft of U.S. Law Cuts Remittance Tax to 1%, Exempts Bank and Card Transfers
- The US Senate proposed reducing the remittance transfer tax from 3.5% to 1%, which offers relief to non-resident Indians .
- The updated draft excludes transfers made from bank accounts and by debit or credit cards issued in the US.
- The tax will only apply to transfers made using cash or similar physical instruments starting after December 31, 2025.
- Lloyd Pinto stated this change should provide significant relief to the NRI community in the US.
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Indians to benefit as Trump's Big Beautiful Bill reduces remittance tax to 1%
US President Donald Trump's flagship One Big Beautiful Bill Act, which passed a key Senate hurdle, cut remittance tax to 1%, from the proposed 5%. The 5% rate sparked widespread concern among Indian professionals in the US. The reduced tax rate will be a big relief for them and the NRIs who send money home.
US Senate draft reduces remittance tax to 1% from proposed 3.5%
In a significant move offering relief to Non-Resident Indians (NRIs), the US Senate has reduced the proposed remittance transfer tax to 1% from an earlier 3.5% in its latest draft of the One Big Beautiful Bill Act.
US Senate Reduces Remittance Tax to 1% From 3.5% in Relief for NRIs | 🌎 LatestLY
The US Senate has proposed to reduce remittance transfer tax from 3.5 per cent to just 1 per cent, offering considerable relief to non-resident Indians (NRIs). The revised draft of US President Donald Trump’s 'One Big Beautiful Bill Act" excludes transfers from accounts held at banks and other financial institutions 🌎 US Senate Reduces Remittance Tax to 1% From 3.5% in Relief for NRIs.
US Senate Proposes Major Relief For NRIs: Remittance Tax Slashed To 1 Per Cent In New Draft Bill
Notably, the Senate proposal excludes transfers from accounts held at banks and other financial institution and also excludes transfers made via debit and credit cards issued in the United States.
The Senate proposal aims to reduce the remittances tax from 3.5%, in the bill passed by the House of Representatives to 1%. SAN SALVADOR.- Analyst and expert in international relations Napoleon Campos, said that the United States plans to reduce remittances taxes from 3.5% to 1%. “The Senate had to reverse and to 3.5% tax on remittances coming from the House of Representatives. I can attest that the final text that the Senate has discussed from …
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