Ecuador: Ecuador Lowers Taxes to Promote Agricultural Exports

  |   Attaché Report (GAIN)

On February 7, 2015, Ecuador’s President Rafael Correa announced during his weekly televised address that his government will provide export incentives to Ecuadorian agricultural product exporters. Incentives reportedly include a drawback (i.e., a tax refund) and a reduction in bureaucratic paperwork needed to obtain export permits and documentation. Exports of non-traditional products (i.e., fresh flowers) will benefit from a five percent tax reduction based on freight-on-board (FOB) declared values, while tuna exports will see a three percent tax reduction. Exports of traditional agricultural products such as bananas will experience smaller tax breaks, dependent on the export destination. U.S. imports from Ecuador in calendar year (CY) 2014 (January-December) reached a record high of $2.3 billion, up 17 percent compared to 2013. 

Ecuador: Ecuador Lowers Taxes to Promote Agricultural Exports

Western Hemisphere, Ecuador

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