You can only take $ 1,098 out of the country, according to tax reform

Image: Expreso

The text, which has the character of an economic emergency, offers the return of two VAT percentage points if a purchase is made with electronic money. This also applies with the use of electronic money. The consumer will receive a 1% retribution if the purchase is made with credit card.

Those who use debit or credit cards for transactions abroad will additionally have an annual amount of $ 5,000 free of charge.

Diego Martinez, manager of the Central Bank, said that the idea is “to encourage the use of electronic means of payment” to stimulate the economy. He assured that the virtual money is backed with dollars. According to the Executive branch, these are instruments “to keep the monetary regime.”

In the list of benefits offered, there is the elimination of income tax for foreign investors who sign contracts for more than 5,000 million with the state. There is a section in addition for the incentive of mining.

Source: http://expreso.ec/actualidad/solo-1-098-exentos-para-ir-al-extranjero-AJ218637