Ecuador Clarifies Application of VAT to Certain Services Provided by Financial Institutions, Including Commissions, Charges, and Fees.

Ecuador's Internal Revenue Service (SRI) has published Circular No. NAC-DGECCGC26-00000003, which clarifies how VAT applies to certain services provided by financial institutions. The circular confirms that VAT applies to services routinely provided by financial institutions, including related commissions, charges, and fees. In particular, the circular highlights the following as subject to VAT at the standard 15% rate:

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