- President Daniel Noboa will increase Ecuador’s value-added tax (VAT) by one percentage point to 13%.
- The increase is intended to finance the country’s fight against criminal gangs.
- Opposition parties were unable to stop the tax increase.
- Originally, Noboa wanted to increase the VAT to 15%, but it was limited to 13% due to opposition in the legislature.
- The VAT increase will come into effect once it is published in the official government gazette.
Source: bnamericas.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.
