On Tuesday night, through a message to the Nation, President Guillermo Lasso announced the reduction of various taxes with the purpose of boosting the economy of the country.
Among the new measures is the reduction of the rate of the special consumption tax (ICE) on certain products, as well as the reduction of the value added tax (VAT) during three holidays and the progressive reduction of the tax on the outflow of foreign currency. (ISD).
The Internal Revenue Service (SRI) announced the amount that will decrease in the case of ICE in order to counteract the effects of inflation:
| Product | Decrease |
|---|---|
| cigarettes | From $0.17 to $0.16 |
| industrial beer | From $13.56 to $13.08, per liter of pure alcohol |
| Plastic cases | From $0.10 to $0.08 per plastic sleeve |
| craft beer | From $1.55 to $1.50 per liter of pure alcohol |
| Firearms | From 300% to 30% |
| Non-alcoholic and soft drinks with sugar content greater than 25 grams per liter | From $0.19 to $0.18 |
Foreign exchange outflow
However the ISD, in this 2023 it will be reduced on February 1 from 3.75%, while on July 1 it will be located at $3.50 and on December 31 it will be at 2%. This seeks to make imports cheaper, as explained by the SRI.
Holidays with reduced VAT
While the holidays in which the VAT will be at 8% It will be Carnival (Monday, February 20 and Tuesday, February 21), Easter (Friday, April 7) and All Souls Day and Cuenca Independence Day (Thursday, November 2 and Friday, November 3).
With the reduction in tariffs, the treasury will stop receiving around $140 million. The president said that the state is putting this money in the pockets of citizens. (YO)
Source: Eluniverso
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