A 1 percent tax is imposed on a remittance transfer
What the document says“There is hereby imposed on any remittance transfer a tax equal to 1 percent of the amount of such transfer.”
The section adds a new subchapter C and section 4475 to chapter 36 of the Internal Revenue Code of 1986 imposing a tax of 1 percent of the amount on any remittance transfer.
What the document actually says“There is hereby imposed on any remittance transfer a tax equal to 1 percent of the amount of such transfer.”
A tax is laid on money sent abroad. It comes to 1 percent of the sum sent.
A remittance transfer is money sent to someone in another country. The rate is flat. The next rules say who pays it.
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