The President of the Republic, issued the Executive Decrees 643, 644 and 645 on January 10, 2023, by which the reduction of the following taxes tariffs was ordered:1. Gradual reduction of the Foreign Exchange Tax (ISD) according to the following schedule: a. As of February 1, 2023, the tariff of the Foreign Exchange Tax will be 3.75%. b. As of July 1, 2023, the tariff of the Foreign Exchange Tax will be 3.50%. c. As of December 31, 2023, the tariff of the Foreign Exchange Tax will be 2%. 2. Reduction of the Value Added Tax (VAT) tariff from 12% to 8% levied on the provision of services related to tourism activities during the following holidays: a. Carnival: February 18, 19, 20 and 21, 2023. b. Easter: April 7, 8 and 9, 2023. c. All Souls’ Day and Cuenca Independence Day: November 2, 3, 4 and 5, 2023. 3. Reduction of the Excise Tax (ICE) tariff for the following goods:
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