Ecuador's National Assembly is considering a draft bill submitted on 11 January 2024 that would increase the standard VAT rate in order to raise additional revenue to strengthen security amid rising violence in the country. According to a government release, the draft bill would increase the standard VAT rate from 12% to 15%, although this will not affect basic goods and services, including basic foods such as milk, eggs, meat, bread, sugar, salt, etc., medications, water and electricity ser…