- Ecuador’s National Assembly failed to overturn President Daniel Noboa’s veto on increasing the value-added tax (VAT)
- The veto established a VAT band between 13% and 15%, compared to the current 12%
- Opponents of the veto failed to reach the necessary two-thirds majority to block the changes to the bill
- The Finance Ministry estimates that the tax hike will provide $1b in revenue in 2024 and at least $1.3b annually going forward
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
