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.

End of preview - This article contains approximately 116 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

LatinNews
Intelligence Research Ltd.
167-169 Great Portland Street,
5th floor,
London, W1W 5PF - UK
Phone : +44 (0) 203 695 2790
Contact
You may contact us via our online contact form
Copyright © 2022 Intelligence Research Ltd. All rights reserved.