Can you imagine being taxed on every transaction you perform at an ATM? You deposit checks or cash into your account at an ATM – charge! You withdraw money at an ATM – charge! You transfer money at an ATM – charge! This seems to be the policy of the day, where developing economies are taxing their citizens to use an ATM to perform a transaction on their own money. Recently such a tax was approved in Jamaica. In addition, Cypress and Brazil have passed enacted their own ATM taxes. A similar 1% ATM transaction tax was proposed recently in the U.S., but wasn’t approved.
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