- Tennessee will start taxing cross-border payments on Jan. 1, 2027, with a $10 fee and an additional 2% charge on transactions over $500.
- The state expects about $54.8 million in annual revenue from the law.
- Payments industry groups strongly oppose the tax, saying it will raise costs, hurt access to regulated services, and unfairly target money transmitters.
- Tennessee becomes the second state, after Oklahoma, to tax cross-border payments.
Source: paymentsdive.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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