Estrategias de financiamiento para mitigar el impacto de ISD

Abstract

The present business case analyses the financial impact of the elimination of the tax credit from the Foreign Exchange Outflow Tax (ISD) on imports of raw materials intended for the production of balanced feed for the shrimp industry in Ecuador. Since the tax reform of 2025, the ISD is no longer compensable, generating an increase in operating costs and reducing the liquidity of companies in the sector. The central proposal is to implement a Supply Chain Finance (SCF) scheme with international banks, which allows companies to defer payment to suppliers without affecting sourcing or operations. The model is compared with other financing alternatives such as external credit lines and local debt issues, demonstrating that SCF is the most cost-effective option in terms of cost, time of implementation and financial sustainability. In addition, control indicators, risk analysis and a detailed implementation plan are established. It is concluded that this scheme strengthens liquidity, improves EBITDA without affecting operating profit, and consolidates strategic relationships with international suppliers. Recommendations include diversification of funding sources, strengthening corporate governance and constant monitoring of the financial environment.