Ecuador says goodbye to tariff safeguards

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Written by Josue Ruilova

Category: NOTICIAS

Published: 02 June 2017

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One of the first actions of the new Foreign Trade Minister, Pablo Campana, was the elimination of safeguards that, according to the established schedule, will cease to be in force as of tomorrow.

"We have signed and sent a letter to the National Customs Service to cancel the last third that would be pending," confirmed the Minister.

The dismantling of this third tranche began last April lowering the tariff by 35% and 15% to 23.3% and 10%. Among the products that will pay less tariff are appliances, clothes, apples, thin cuts of meat and vodka. 

Since the first of May, the 10% surcharge has already been reduced to 5%, while the 23.3% surcharge has decreased to 11.7%. The measure amounts to 2,152 tariff subheadings, which will be released from tomorrow. Cucumbers, pickles, mineral water, wine, malt beer, creams, bitumen, among others, are included in the list of products that suffered price increases for safeguards.

This measure was taken with the aim of reducing imports and, thus, avoiding the outflow of foreign exchange. The results, during the two years of validity of this measure was the fall in imports by 24%.

A calculation by the Chamber of Commerce of Quito reveals that between March 2015 and March 2017 imports, including taxable and non-taxed goods, were reduced by 9,753 million and of that figure, 3,644 million were for goods with safeguards.

THE TAX RETURNS TO 12%

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Written by Josue Ruilova

Category: NOTICIAS

Published: 02 June 2017

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Starting on Thursday, June 1, TAX in Ecuador drops to 12% and tariffs that recorded between 5 and 45% to 2,961 sub-items disappear, which will be reflected in a significant decrease in prices to the final consumer.

 Wednesday 31 May will be the last day that will govern the temporary increase of two points of value added tax. At the same time, balance of payments safeguards will also lapse.

 The first measure was adopted in May 2016 in the Solidarity Law as one of the tools to raise funds for the reconstruction of the areas affected by the earthquake on 16 April. It had national validity, with the exception of the provinces of Manabí and Esmeraldas.

 The norm establishes that after one year the VAT returns to its habitual rate of 12%. In the course of this time, the Internal Revenue Service (SRI) reports a collection of approximately $ 681 million, only for the additional 2%.

 As of June 1, the goods and services that tax the tax will return to the prices they had before the increase. The reduction must be immediate told to this newspaper SRI director, Leonardo Orlando.

 That is, for example, if a television is currently valued at $ 912, including 14% TAX, since Thursday the price should decrease to $ 896.

 Internal Revenue yesterday clarified, with a statement, that the sales receipts that have printed the rate of 14% will continue to be valid until they expire. The registration of 12% of VAT can be done manually, without clearing the previous percentage. It will also apply for credit and debit notes.

 Also, merchants of goods that purchase products with 14% until May 31, must sell them at a rate of 12% from June 1 if they were left in stock. The two TAX points you paid will be considered as tax credit in your favor.

 The Solidarity Law also provides for the return of four TAX points for the payments canceled with Cash from my Mobile (electronic money) and a point for payments made with credit, debit or prepaid card.

 From Thursday the return for using electronic money will be two points. Until May 31, SRI will make a cumulative refund for card users who open an Cash account from my Mobile and register consumption from September 2016.

WCA CONFERENCE

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Written by Josue Ruilova

Category: NOTICIAS

Published: 07 February 2017

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MUNDITRANSPORT will be present at the 9th WCA WORLD CONFERENCE in SINGAPORE, join other carriers around the world on the largest and most important business opportunity of the year. It moves to Singapore for the first time - the most exciting, dynamic and modern city in Asia and has gained a worldwide reputation as a vibrant and safe destination for business and tourism. We are excited about the wide range of new opportunities that will be available to each assistant.

The event will enable more than 2,500 freight executives to meet for three days of intensive One-on-One business meetings, along with a wide range of social networking events.

Recognized worldwide as the most important conference of its kind, the 9th WCA World Conference will be held from 9-13 February 2017 at the modern Suntec International Convention and Exhibition Center Singapore and combines the 4 WCA General Networks Within an important event. The conference is an integral part of the WCA conference week and is a must for all WCA members. Attending the conference is undoubtedly the most productive way to increase your income, expand your business, reach new markets and increase your company's profile worldwide.

 Delegates create tens of millions of dollars in new business combined and save weeks of travel time and thousands of dollars in travel expenses by pre-booking up to 40 pre-arranged meetings with other agents around the world. You can do more business in a single day at a WCA World Conference that can be achieved in an entire month of business travel