Country Profile: Venezuela

Venezuela applies a 2% tax on large financial transactions, increased in November 2018. The tax covers a wide range of transactions, including debits from bank accounts, transfers of checks and securities, cashier’s checks, interbank transactions, payments outside the financial system, and cross-border payments. Exemptions apply to state-issued securities, certain tax payments, transfers between accounts of the same beneficial owner, and first endorsements on checks and other instruments. Some exemptions do not apply to joint accounts.

Source: Centre for Economic and Policy Research