Ecuador enacted the Organic Law to Confront the Internal Armed Conflict and the Social and Economic Crisis on 12 March 2024. The law includes measures such as increasing the VAT rate from 12% to 15%, with the possibility of further increase, effective from 1 April 2024. Other measures include temporary security contributions for banks and companies, an increase in the remittance tax on foreign currency outflows to 5%, and a reduced VAT rate of 5% on construction materials. The law came into force on 12 March 2024.
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