Ecuador's President has issued Executive Decree No. 643 of 10 January 2023, which provides for a further phased reduction in the remittance tax (Impuesto a la Salida de Divisas - ISD) rate. Previously reduced from 5.0% to 4.0% during 2022, the ISD will now be reduced to 3.75% from 1 February 2023, 3.50% from 1 July 2023, and 2.0% from 31 December 2023. The Decree was published in the Official Gazette on 23 January 2023.