On 30 December 2015, Venezuela enacted the Law on Large Financial Transactions. The law introduces a new non-deductible financial transactions tax (FTT) at the rate of 0.75% that will apply for legal persons designated as special taxpayers, as well as legal persons related to special taxpayers (designation made by tax authority based on gross income or engagement in certain activities). The FTT will apply to: Debits to bank accounts and certain other deposits; Debits to accounts for cross-border payments; Transfers of bonds and securities, unless issued by the Venezuelan Central Bank or government; Payments of debts outside the financial system;...