Mexican President Claudia Sheinbaum announced a plan to reimburse the 1% tax the United States intends to apply to cash remittances. This initiative aims to support the Mexican migrant community and will be implemented through the Financial Welfare Card (Finabien).
The reimbursement program is in response to the US legislative draft, which initially proposed taxing all remittances but now focuses only on cash transfers. Electronic transfers, which constitute the majority of remittances, will be exempt.
The Mexican government will refund the tax to those using registered remittance services and receiving funds through formal channels like Finabien branches, Telecom, or participating banks. This measure highlights the importance of remittances to Mexico's economy, which exceeded tourism and oil export revenues in recent years.