Tech
US ending ‘de minimis’ exception hits cross-border payment firms
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Cross-border payment firms are bracing for a 15-25% fall in ecommerce shipments from India to the United States after the scrapping of a provision allowing tax-free import of packages worth up to $800 (about Rs 70,000) into the US takes effect on August 29.
President Donald Trump on May 2 signed an executive order ending the ‘de minimis’ exemption, derived from a Latin phrase which refers to a principle where minor matters are disregarded by the law. Indian exporters, particularly small businesses and online-first direct-to-consumer (D2C) brands,…
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