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Ecuador To Hike Sin Taxes

by Mike Godfrey, Tax-News.com, Washington

23 March 2016


Ecuador is planning to hike taxes on cigarettes, alcohol, and sugary drinks in order to reduce its budget deficit, President Rafael Correa has announced.

The President said that the Government has lost out on USD800m of revenue due to low oil prices. He said that the authorities plan to tackle the revenue shortfall by increasing the taxation of products that are harmful to health rather than raising additional revenue from public utilities, such as gas and electricity.

Correa did not say what the new tax rates would be or when they are expected to be introduced.

At the end of last year the IMF advised the Ecuadorian authorities to improve tax collection through further enhancing administrative efficiency and enforcement, including closing tax loopholes and addressing tax evasion, while reducing tax expenditures and deductions from personal income tax. It also said that tax amnesties should be avoided, given their effect on expectations of further amnesties.

TAGS: tax | economics | fiscal policy | public health | budget | Ecuador | oil and gas | excise duty | enforcement | tax rates | tax reform

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