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VAT rate returns to 12%

From 1 June 2017, the VAT rate returned to 12%; as established in the Organic Law of Solidarity and Citizenship Stewardship for the Reconstruction and Reactivation of the areas affected by the earthquake of April 16, 2016. The temporary tariff of 14% of VAT was imposed from June 1, 2016 on all states, except in Manabí and Esmeraldas.

Credit and debit notes can be issued with VAT rates of 12% or 14%, according to the rate applied on the sales receipt issued that relates to the related credit or debit note.

The credit notes are used to cancel sales transactions, make returns and grant discounts. The debit notes are used to collect interest for late payment and to recover costs and expenses.

2017-09-12T11:57:04+00:00 30/06/2017|Latest news|