The Aeade asked to review the new restrictions on the importation of vehicles

The Association of Automotive Companies of Ecuador (Aeade for its Spanish acronym) said it expects the government to review the new restrictions on the import of vehicles, provided in Resolution 049, adopted by the Committee of Foreign Trade (Comex for its Spanish acronym) last December 29.

This resolution establishes a new quota for imports of vehicles.

The Aeade also commented on tax collection. “Tax revenue will be affected, experiencing a further reduction of USD 360 million in terms of tariffs, VAT, ICE and ISD,” said Diego Luna, spokesman from the sector.

He added that the automotive industry is aware of the difficult economic situation the country will face through 2015. “But we must also emphasize that we have contributed for two and a half years to reduce the outflow of currency for stability in the trade balance,” he explained.

Luna said they expect the authorities to review the measure.