LATAM context
Every Peruvian individual or company has a RUC with SUNAT. Electronic invoicing is mandatory. The ITF (Impuesto a las Transacciones Financieras) is withheld on every bank transaction, a key detail that shows up on Peruvian bank statements.
Concrete example
Every bank transaction in Peru generates 0.005% ITF. SUNAT receives it directly from the bank. On the statement it appears as "ITF RETENIDO", separate from the main amount.
How it shows up on your bank statement
On Peruvian statements, payments to SUNAT show up as debits with the payment order number or the corresponding form. On the same account you'll also see the ITF withheld on every transaction, which is a separate, much smaller charge.
How does finO$ handle this?
finO$ specifically extracts the ITF charge on Peruvian statements and separates it from the net amount for accurate reconciliation.