Honduras: Tax on Transactions Greater than $3,000

The resources are to be used to finance the country's security plans.

Monday, June 20, 2011

More than $79 million is expected to be raised by collection of the security tax, which will be charged on bank transactions that exceed $3,000.

This proposal arises from preliminary agreements reached by representatives, the executive power and businesses, as a measure to support the delivery of resources to address the security issues affecting Honduras.

An article in Proceso.hn notes: "According to preliminary agreements, charging a 0.2% tax on all bank transactions above $3,175 will contribute just over $26 million to the trust fund. The decision will affect only 5% of the three million savers who are in the country, according to promoters of the idea. "

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More on this topic

NO to Financial Transaction Tax

September 2020

In Costa Rica, the Alvarado administration would be considering the creation of a tax on each transaction that a person or company makes through a financial entity, a tax that will discourage savings and motivate people to use cash.

In order to discuss a medium and long term credit with the International Monetary Fund, the Costa Rican authorities would be planning to design and create a new tax, which consists of each person paying a tax of ¢3 for every ¢1.000 in the transactions they make through a bank, finance company, mutual fund, stock exchange or any other financial entity.

Reactions To Tax on Transfers

November 2012

It would affect the banking sector in El Salvador, lowering the volume of transactions in the financial system, and increasing the price of money.

The Salvadoran Banking Association (Abansa) is studying a proposal by the Ministry of Finance to tax the issuance of checks and electronic transactions, but its representative Marcela de Jimenez has already indicated her criticism, noting that it has not been ruled out "that this tax will affect the banking system, ie, there will be a decrease in the level of resources that are traded through the financial system and therefore an increase in the price of money. "

Security Tax Causing Capital Flight

August 2012

Warnings from Honduran businesses about the flight of capital resulting from the application of the controversial tax on banking transactions (known in Spanish as the ‘Tason’), are coming true.

This is how representatives from Honduran companies explained things, after statements from President Porfirio Lobo recognized a reduction in revenue because of the "Tason".

Honduras: Businesses Opposed to Bank Tax

June 2011

The proposal to tax all banking transactions has been strongly rejected.

The government aims to create $79 million to combat insecurity, which would be financed in part with proceeds from a tax of 0.2% on all transactions carried out in banks.

Industry representatives believe that this measure is excessive and that not all transactions should be taxed, as the financial cost to businesses would be very high.

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