Lasso eliminates ISD for fuel imports

The measure will help improve the quality of gasoline sold in the country. Before, the tax for the aeronautical sector was already eliminated.

through the Executive Order 327, the President of the Republic, William Lasso, removed the Foreign Currency Outflow Tax (ISD) which is charged at imports from fuels, bio fuels and natural gas.

In a video posted on his Twitter account, the president recalled that, until recently, the only one authorized to import fuels it was Petroecuador; but changes were implemented in the regulations to promote free competition.

As of November 8, 2021, four private companies were authorized to do this type of imports.

lasso pointed out that, in this context, the elimination of the I.S.D. will prevent the gasoline and the gas imported prices rise; and an additional boost will be given so that a good quality product reaches the Ecuadorian market.

In accordance with the decree issued on January 18, 2022, the reduction of the I.S.D. will apply to transfers, shipments or transfers of foreign currency abroad, in cash or through money order and checks. So also to transfers, shipments or payments of any nature, including compensations made with or without intermediation of institutions of the financial system for this type of imports.

It is also provided that within 15 days, the Internal Revenue Service (SRI) modifies any resolution of a general nature that is pertinent and will update the corresponding forms in order to apply the .

Last year, the President Lasso it has already eliminated the tax for international airlines operating in the country.

Since January 2022, the I.S.D. was reduced by 0.25% overall, and, until December of this year, the discount will be 1%, going from 5% to 4%. (JS)

What is promised, is fulfilled.

I signed Executive Decree No. 327 for the ELIMINATION OF ISD on imports of fuels derived from hydrocarbons, biofuels and natural gas. We will apply this measure for the benefit of the country. #Together We Fulfill pic.twitter.com/egLX6xSsnk

— Guillermo Lasso (@LassoGuillermo) January 18, 2022