Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Block · Transaction taxes

Bank debit and credit taxes

What it is
A small ad valorem tax levied on every debit (and sometimes credit) to a bank account, collected automatically by the banks as withholding agents.
Why it counts
It raises cheap, hard-to-evade revenue from the stock of bank money and penalises moving savings through the financial system, eroding returns on deposits that are not already captured by the state.

When it was in force

  • Argentina: 2001 → now, in force
  • Brazil: 1997 → 2007, historical
  • Colombia: 2001 → now, in force

3 examples

  1. Argentina

    2001 → nowIn force

    The 2001 Competitiveness Law created a tax on bank-account debits and credits, capped at 6 per mille, still in force as the 'impuesto al cheque'.

    Ley de Competitividad No. 25.413 (impuesto sobre los créditos y débitos en cuenta corriente bancaria), regulated by Decreto 380/2001Primary source
    “el artículo 1º de la mencionada norma legal establece un impuesto sobre los débitos y créditos en cuenta corriente bancaria, cuya alícuota será fijada por el PODER EJECUTIVO NACIONAL, hasta un máximo del SEIS POR MIL”

    argentina.gob.ar (opens in a new tab)Checked: quote matched on the page by script

    Argentina today: index 40.1

  2. Brazil

    1997 → 2007Historical

    The 'provisional' contribution on financial movements taxed virtually every bank debit and was repeatedly extended until the Senate let it lapse at end-2007.

    Lei nº 9.311, de 24 de outubro de 1996 (CPMF)Primary source
    “Art. 1º É instituída a Contribuição Provisória sobre Movimentação ou Transmissão de Valores e de Créditos e Direitos de Natureza Financeira - CPMF.”

    planalto.gov.br (opens in a new tab)Checked: quote confirmed on the page by a reviewing agent

    Brazil today: index 49.9

  3. Colombia

    2001 → nowIn force

    Colombia's '4 x 1,000' tax falls on withdrawals from current and savings accounts.

    Estatuto Tributario, Libro Sexto, arts. 870-872 (Gravamen a los Movimientos Financieros, GMF; added by Ley 633 de 2000)Primary source
    “El hecho generador del Gravamen a los Movimientos Financieros lo constituye la realización de las transacciones financieras, mediante las cuales se disponga de recursos depositados en cuentas corrientes o de ahorros”

    secretariasenado.gov.co (opens in a new tab)Checked: quote matched on the page by script

Examples and their dates reviewed .