- Tennessee will tax international money transfer services starting Jan. 1, 2027.
- The tax applies to money sent from Tennessee to locations outside the U.S. or its territories.
- The rate is $10 per transaction plus 2% on amounts over $500.
- The tax applies only to entities licensed under the Tennessee Money Transmission Modernization Act.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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