President Daniel Noboa issued an executive decree providing for the increase in VAT.
The VAT increase, as announced by government authorities, will be 15%.
Today, March 15, 2023, he issued executive decree 198 ordering the increase of that tax.
Gasoline is taxed with VAT. How much would the price per gallon increase with a 15% VAT?
Article 1 says: “Modify the general tariff of the Value Added Tax – VAT, from 13% to 15%for the year 2024, considering the recommendation and favorable opinion of the Ministry of Economy and Finance, which sets out the conditions of public finances and the balance of payments.
Furthermore, he pointed out that the increase will be from April 1 next.
Likewise, Noboa ordered that the Internal Revenue Service and the Ministry of Economy “monitor and evaluate the tax collection impact, as well as the conditions of public finances and the balance of payments.” (DLH)
Correismo, the ruling party and the Social Christians manage to keep the political pact afloat