On January 10, 2023, the then President Guillermo Lasso issued Executive Decree No. 643 which established a gradual reduction in the rate of the International Transfer Tax (ISD in the Spanish acronym). This provided for a reduction in the rate from 4% down to 2%, which was to be effective as of January 1, 2024.
On December 29, 2023, the President of the Republic, Daniel Noboa Azín, issued Executive Decree No. 98 which amends Executive Decree No. 643 regarding the progressive reduction of the rate of ISD. This amendment establishes that a rate of ISD of 3.50% will apply until December 31, 2024.
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