Ecuador's Internal Revenue Service (SRI) has published Circular No. NAC-DGECCGC26-00000003, which clarifies how VAT applies to certain services provided by financial institutions. The circular confirms that VAT applies to services routinely provided by financial institutions, including related commissions, charges, and fees. In particular, the circular highlights the following as subject to VAT at the standard 15% rate:
- Consumption Charges to Establishments: Fees charged to businesses for c…