LatinNews Daily - 02 June 2017

Ecuador: The national tax authority (SRI) has reported that it has collected over US$800m in extra tax revenues thanks to the temporary two-percentage-point increase in the value-added tax (VAT) rate implemented by the central government from June 2016 to May 2017 to help raise additional funds to address the damages caused by the major earthquake that affected northern coastal areas of the country in April last year. The SRI report notes that the amount of extra revenue raised by the measure exceeded the initial projection of US$750m; and that the all the extra funds would be used to finance reconstruction efforts in the provinces of Manabí and Esmeraldas, two of the worst affected by the earthquake. The SRI also announced that the temporary VAT rate increase has now been reverted and that the rate has returned to 12%.

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