Proposed rules on the excise tax on remittance transfers are one step closer to being released.
The White House Office of Information and Regulatory Affairs on Monday completed its review of proposed rules (RIN: 1545-BR98) on the excise tax meant to increase oversight in the remittance sector.
The 2025 tax-and-spending law created a 1% excise tax on remittance transfers from senders in the US to recipients in foreign countries. It applies for transfers made after Jan. 1.