Currency
The
United
States
Dollar
was
established
as
Ecuador’s
official
currency
in
March
2000,
replacing
the
Sucre.
Ecuador
issued
its
own
coins
[legal
tender
only
within
Ecuador]
corresponding
to
the
US
penny,
nickel,
dime,
quarter
and
fifty-cent
pieces.
Tax
The
highest
rate
of
income
tax
paid
is
25%.
Tax
paid
on
property
is
fairly
reasonable
and
is
paid
yearly.
VAT
is
12%.
Most
restaurants
usually
add
VAT
and
a
service
charge
onto
the
bill.
Additional
taxes
Special
consumption
tax:
This
tax
(ICE)
is
levied
only
on
the
internal
consumption
of
the
following
specified
products:
Cigarettes
(Tobacco):
Blond
98%
Black
18%
Beer
0%
Carbonated
Beverages
10%
Spirits
32%
Land
vehicles
–
up
to
3.5
tons
5%
Airplanes
and
helicopters;
except
those
used
for
passenger
transport
10%
Source:
www.uktradeinvest.gov.uk
Last
updated
12th
June
2006
