SRI reduces taxes by 80% to cars used for work activities

Automobiles of exclusive work use will have an 80% reduction in the Annual Property Tax on Motor Vehicles (IVM for its spanish acronym), this was announced by the Internal Revenue Service (SRI for its spanish acronym).

 ” Vehicles of one ton or more, owned by natural persons or companies, which are used exclusively in production or trading activities, are entitled to the 80% reduction of IVM.” The beneficiary, among other requirements as the ID number and voting certificate, must submit the Taxpayer Registration Number (RUC).

In addition, there will be an exoneration of green taxes, this means, that vehicles of commercial use will not pay the Traffic Environmental Pollution tax (IACV).