Changes in the VAT refund include a weekly basis

The last tax reform in effect begins to take shape. The return of two VAT percentage points for the use of electronic payment mechanisms will be made on a weekly basis from late May.

The Internal Revenue Service (IRS) clarified the issue after the adoption of the Law for the Balance of Public Finances. Returns from the 1st of May to the third week, only once, will be delivered cumulatively.

The reimbursement, as the authorities advanced, will be made with electronic money. That is, after purchases in that currency, the taxpayer will receive the 2% VAT on digital money account. The IRS will use the information from financial institutions and the Central Bank. “Citizens do not need to go to the IRS.”

The legislation, adopted last month, determines the return of two VAT percentage points if the consumer uses electronic money and 1% if the purchase was made with a credit or debit card.

Source: http://expreso.ec/economia/la-nueva-devolucion-del-iva-sera-semanal-DX321577