Ecuadorian lawmakers have voted against a proposal to raise the Value-Added Tax (VAT) as part of measures to finance the country's offensive against crime. Despite this, President Daniel Noboa is taking steps to push the VAT increase through other means. Noboa has vetoed the economic law and plans to raise VAT unilaterally to 15%. This move by the President has led to a jump in Ecuadorian notes to a one-year high, reflecting the market's reaction to the government's resolve to address the nation's budget deficit.
Ecuador Notes Jump to One-Year High As Noboa Pushes Tax Hike https://t.co/jH8NtP8yX7
Ecuadorian President Daniel Noboa moved to use his line-item authority to raise the value-added tax, signaling a resolve to contend with the nation’s budget deficit https://t.co/PsFjY2pDHv
Ecuador Notes Jump to One-Year High As Noboa Pushes Tax Hike https://t.co/mobJkLwQ1S
💡 Ecuador: Pres Noboa vetoes economic law, to raise VAT unilaterally to 15% - @EmergingMWatch on https://t.co/orvmA6Wqwk Full Story → https://t.co/eWtyJZPOQD
Ecuador's Noboa to push VAT increase after lawmakers vote down hike https://t.co/HNRLdpyOMP https://t.co/FFbZ5uuG5l
⚠️ ECUADOR LAWMAKERS VOTE AGAINST RAISING VAT TO FINANCE OFFENSIVE AGAINST CRIME Full Story → https://t.co/eWgus8NV2g https://t.co/MacGmZSmGc