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Ecuador's Congress Fails To Overturn President's Veto On VAT Hike

LATIN AMERICA
  • ECUADOR CONGRESS FAILS TO OVERTURN NOBOA'S VETO ON VAT HIKE (BBG)
  • Bloomberg note that in a remote session, opponents of Noboa’s veto, which established a VAT band between 13% and 15%, compared with the present 12%, failed in three votes to reach the necessary two-thirds majority to block his changes to the bill.
  • JPMorgan wrote earlier this week that the fact that the President reacted immediately to the VAT increase rejection and the already proved ability of the current administration to build bridges with opposition parties in the past suggests there was room for optimism.
  • The Finance Ministry estimates that the tax hike will provide $1b in revenue in 2024 and at least $1.3b annually going forward amid the fiscal and security crisis.
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