The Tax on Credits and Debits on Bank Accounts is collected by means of withholding whenever a credit or debit is performed in a bank account.

On July 7th, the Executive Order No. 485/2017 was published in the National Official Gazzette. By means of such regulation, it was established that: i) accounts and/or subaccounts, including virtual ones, used in exclusively for the administration and operation of wire transfers through communication mobile devices and/or any other electronic means, and; ii) accounts and/or subaccounts, also including virtual ones, used for companies engaged in the electronic payment and/or collection services and official agents appointed for such purpose shall be exempted from the Tax on Credits and Debits on Bank Accounts.

The referred Executive Order sets forth that this exemption shall come into force upon the respective publication in the Official Gazzette (i.e., the exemption applies as from Today).