Presidential Decree No. 2,284 (Official Gazette No. 40,872 of March 18, 2016) established a tax on large financial transactions rate of 0% for the debits to bank accounts of companies specialized in managing food tickets, intended to transfer funds of the employees' food tickets. In this regard, these companies must use banks accounts exclusively to make these operations. The mentioned Decree entered into force on March 18, 2016.
Although the 0% tax rate is a typical VAT mechanism that allows exporters to recover the input VAT paid upon the purchase or importation of goods and services used in their export activities, for purposes of the tax on large financial transactions, the mechanism is, in practice, a tax exoneration.