Kathmandu. US President Donald Trump is in the news these days. Trump is now emerging as the world’s busiest and most focused leader. But in the meantime, a new proposal of Trump is now being discussed again in many countries of the world.
In fact, a new U.S. bill has come up for immigrants. Which has created a stir in the immigrant community. The proposal is about dollars to be sent abroad. It has been proposed that immigrants will have to pay 5 percent excise duty on every dollar sent to their country. This will have a direct impact on the immigrant’s family, investment, and the lifeline connecting them to their homes.
The name of this proposal is ‘The One, Big, Beautiful Bill’. It proposes to impose a 5 percent remittance tax on money sent by non-US citizens to their country. People from Nepal, India, Mexico, China and the Philippines live in america. Apart from this, people from Canada, Spain, and Germany also live in america. These countries may suffer due to this proposal.
For example, an immigrant living in the United States is sending 1,000 monthly to his family. Under the proposed tax, $50 will now be deducted as tax. This means a loss of $600 each year.
Even small and regular transfers are not exempt from this offer. NRIs who send $200 a month will have to pay $10 in taxes each time.
The scope of the proposed tax is very large. This does not apply only to h-1b or f-1 visa payers. It also applies to green card holders and NRIs earning through investment or stock options in the US. There are no discounts even on small transfers. – Agency
