Ecuador to reduce from 5% to 4% tax on foreign currency outflows in 2022

The ISD was applied by the government of former socialist president Rafael Correa (2007-2017) to prevent the outflow of the U.S. currency. Ecuador has been dollarized since 2000.

RIO DE JANEIRO, BRAZIL - Ecuador will reduce from 5% to 4% the tax it applies to the outflow of foreign currency through shipment or transfer, which will favor imports, President Guillermo Lasso announced on Tuesday.

"We are going to lower the Tax on the Outflow of Foreign Currency (ISD) by one point in 2022, at a rate of 0.25 points per quarter," said the president in dialogue with journalists at the presidential headquarters in Quito.

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He added that . . .

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