Get our free app for a better experience

4.9
Install Now
Business News

US Bill proposes 5% tax on foreign money transfers: Why NRIs are worried

16 May 2025 Zinkpot 106

BUSINESS STANDARD 

SUMMARY

 

A proposed law in the United States is causing unease among Indian residents and non-resident Indians (NRIs) living in America, as it could make sending money back home more expensive. The draft legislation, informally titled “The One Big Beautiful Bill”, proposes a 5% tax on all international money transfers made by non-US citizens.

If the Bill is passed, the tax would apply to individuals on non-immigrant visas such as H-1B and F-1, green card holders, and undocumented immigrants. Transfers made through platforms like Western Union, PayPal, or regular banks would be taxed at the point of transfer.

The proposal has not yet passed Congress, but if approved, it could take effect as early as July 2025.

CLICK HERE FOR FULL NEWS

 

About author

zinkpot

Zinkpot

Ask Anything, Know Better

ASK YOUR QUESTION
अपना प्रश्न पूछें
VIEW MORE
Join Whatsapp Group