2024-04-06 19:55:43
In a full year, the additional collection is $150 million. This 2024, with the measure in force since April, $112.5 million will be obtained. The big question is where these resources will be allocated and how much the measure will impact the price of basic products.
Since April 1, 2024, as a direct consequence of the VAT increase from 12% to 15%, the final sales price of extra and ecopaís gasoline went from $2.40 to $2.465 per gallon; while the price of diesel went from $1.75 to $1.797 per gallon. Likewise, gas for domestic use rose from $1.60 to $1.65 per cylinder.
According to estimates by former Minister of Economy, Fausto Ortiz, this price readjustment due to the VAT increase will generate around $150 million additional per year.
However, in 2024, because the measure came into effect in the fourth month, the collection could be close to $112.5 million.
Those $112.5 million represent 10.5% of the $1,071 million that is projected to enter the fiscal treasury from the 15% VAT during this year.
The increase in final VAT prices has generated reactions between annoyance and resignation among citizens.
For Ortiz, the best way to legitimize the measure is for the Government of Daniel Noboa to clearly explain where the extra resources will go.
Among the destinations that could be prioritized are health, education, the social sector and arrears.
The National Chamber of Distributors of Petroleum Derivatives of Ecuador (Camddepe) ensures that the price adjustment due to the VAT increase will not affect fuel consumption because the final impact on the cost of each tank is lower.