Ecuadorian President Daniel Noboa has partially objected to a law passed by the National Assembly to increase revenue for security amidst rising violence. The objection includes a permanent VAT rate increase to 13% and temporary authorization for the president to raise it to 15% under certain conditions. The National Assembly has rejected the VAT increase but approved other tax measures, including a security contribution for banks based on profits, a temporary security contribution for large companies, an increase in the remittance tax, and a reduced VAT rate for construction materials. Further details on the implementation of these measures will be provided later.
Source Orbitax
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