The increase of two percentage points of the VAT still raises questions among business owners, five days before the implementation of the measure. The 14% tax hike also causes concern because of the impact it will have on sales.
The Solidarity Act, in force since May 20, provides an increase in this tax from next June 1, for a period of 12 months. The VAT increase is excluded for Manabi and Esmeraldas, the two provinces impacted by the earthquake of April 16.
In Guayaquil, a group of 140 attesting officials the Internal Revenue Service (IRS) yesterday handed brochures with information on the collection of the 14% VAT through bills.
They took advantage of this to clear doubts of business owners on the use of the bills that still keep the 12% VAT.