Reactions To Tax on Transfers

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

Friday, November 9, 2012

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. "

Elmundo.com.sv reports that "This tax, which according to the Executive is still being analyzed, is known to be a tax of 0.25% on the amount of the issuance of checks and electronic transactions worth $3,000 and overz

On this regard Marcela de Jimenez explained: "It would be a tax on checks and transfers, at a rate of $0.25 per $100."

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