Payments Groups Want 3.5% Remittance Levy Killed From Tax Bill
A proposed 3.5% tax on remittance transfers should be killed because it invades consumer privacy and would encourage the use of unregulated money-movement services, payments-industry trade groups told US lawmakers.
Even after a cut from an initial 5% proposal, the levy will still hit migrants sending money back to relatives on top of posing a greater money-laundering risk as they seek underground channels, according to a letter Wednesday to US Senators from the Electronic Transactions Association, Financial Technology Association, Innovative Payments Association and several other lobbying groups. The ETA represents the interests of large payments companies including Western Union Co. and Visa Inc. as well as newer financial-technology firms.
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