What would be the process for imposing a tax on remittances sent from the United States?
Cross-Border Payments
Asked by Question Bot08/Dec/20181 answer
1 Answer
F
Faisal Khan
Answered 08/Dec/2018
You would have to tax it on a state-wide level. It is already in effect in one state: Oklahoma. The remittance tax in OK is $5 for remittances up to $500 and 1% of the total amount being remitted over $500.
The financial regulator of the state can make this tax deduction mandatory on a state level, so that all banking and non-banking financial institutions that are licensed and/or operating in the state, would have to adhere to it.