The Ecuador Internal Revenue Service (SRI) has published Circular No. NAC-DGECCGC24-00000002, which clarifies the application of the increased VAT rate of 15% from 1 April 2024 in different cases, including general supplies of goods and the provision of services. With respect to the local supply of goods, the Circular clarifies that the VAT obligation arises at the time of delivery of the goods, or at the time of total or partial payment for the supply, whichever comes first. Similarly, the …