LatinNews Daily - 19 January 2022

In brief: Ecuador eliminates capital outflow tax for fuel imports

* Ecuador’s President Guillermo Lasso has signed a decree to eliminate the capital outflow tax (ISD) for the import of hydrocarbons, biofuels, and natural gas. The ISD – a tax intended to reduce the amount of foreign exchange leaving the country – was previously set at 4.75%. Its elimination, Lasso said, will “contribute to the opening of the free market proposed by the government” and ensure that Ecuadoreans “receive quality hydrocarbons”. Lasso added that “we’ve eliminated the currency export tax so that the prices of these fuels don’t rise because of taxes.” The private sector stands to benefit from the elimination of ISD on fuel imports, reducing its reliance on fuel produced by the state oil company Petroecuador.

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