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 ECUADOR CURRENCY AND TAX REGULATIONS

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
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