May 30, 2024

Iraic

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Ecuador will implement a reduction in IVA during the holiday weekend to boost tourism.

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During the holiday weekend commemorating the Day of the Deceased and the Independence of Cuenca, Ecuadorians will enjoy a 4% reduction in the Value Added Tax (IVA). This measure lowers the tax from 12% to 8% exclusively for those days.

This is the third time this reduction has been applied this year, approved by the outgoing President Guillermo Lasso. The measure will apply to activities and services that have the corresponding tourism registration. This includes accommodation services, food and beverages, tourism-specific transportation, and the operation of tourism services.

It is expected that this initiative will boost tourism similarly to what happened during this year’s Carnival holiday. On that occasion, profits amounted to $94 million, representing an increase of $17 million compared to the same holiday in 2022.

Published by Iraic.Info, news and information agency.

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