Posted On 26 Sep 2016
The Internal Revenue Service (IRS) reported that in August and September several taxpayers have already received the return of improper charges for the foreign exchange outflow tax (ISD) on purchases abroad. $ 915,879.68 have been returned so far: $ 539,273.01 accounted for purchases made abroad in May and $ 376,606.67 in June.
The Balance Act for Public Finance, in force since May, provided that any purchase made with credit cards abroad and below $ 5,000 is exempt from that tax. The idea is to optimize the use of money and avoid that physical currency leaves the country.
The IRS Resolution NAC-DGERCGC16-00000311 established that financial institutions were responsible for accrediting these values directly in the billing statements of the cardholders. However, for the return of the values collected during May and June (when those banks had not yet adjusted their systems), the IRS worked with migration databases to verify the purchases abroad.