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Legal Framework of the Special Contribution over Banking Operations

Banco Económico, S.A. hereby notifies that, since May 23rd, 2016 that the Legal Framework of the Special Contribution over Banking Operations, approved by the Presidential Legislative Decree no. 1/16, of 24th February, entered into force.

According to the decree under consideration, the banking/financial debit transactions carried out through checking accounts, are now subject to taxation, at the rate of 0,1%.


Among other operations, payment of salaries, allowances and other remuneration components (by indicating of the specific purpose), transfers made between accounts of the same holder (with valid proof of account ownership), the ransom of savings accounts and transfers made under foreign technical assistance or management contracts, concluded in accordance with the Presidential Decree No. 273/11 of 27th October, are exempt in this regard.


With nothing further at moment, Banco Económico presents its compliments remaining, of course, available to answer any questions that arise in this matter.