BRICS: US Hits India Where It Hurts Them the Most: Remittance Tax
US President Donald Trump is looking to hit BRICS member India where it hurts them the most, which is the remittance tax. The new tax proposal by the House Republicans could impact a significant number of Non-Resident Indians (NRIs), as the bill aims to levy a 5% tax on remittances sent to India from the US. Also Read: BRICS: 5 Countries Pay 93% of Trade in National Currencies The bill was first introduced last Monday, where international transfers from non-citizens to BRICS country India will face a 5% tax. The bill, if passed, will affect workers who send money back to their families in India. The 5% tax will be used to help fund tax breaks and also tighten border security measures. Also Read: BRICS: Tanzania Officially Bans the US Dollar 5% Remittance Tax Could Soon Hit BRICS Member India Source: Forbes / GettyImages Trump has publicly called the legislation “great” and “one big beautiful bill” is also ensuring that Republicans pass the legislation. The 5% tax on remit...