Ecuador enforces controversial tax reform


Quito, Nov 30 (IANS): Ecuadorian President Guillermo Lasso mandated into law a controversial tax reform bill aimed at raising more than $1.9 billion over the next two years to alleviate the country's economic crisis.

"The bill takes effect by mandate of the Constitution," the presidency's General Secretariat of Communication said in a statement, adding that enacting the law "means building a new path towards the country's recovery and generating jobs for the Ecuadorians who need it most."

The bill was submitted to the National Assembly (Congress) on October 28, giving lawmakers a 30-day period ending on Sunday to pass or amend it. However, the legislature, where the opposition holds a majority, failed to approve the bill, Xinhua news agency reported.

According to the Ministry of Economy and Finance, 96.6 per cent of the economically active population will not be affected by the new law, which mainly applies to large companies, and those earning more than 5,000 dollars a month or having more than 1 million dollars in equity.

The law is the first of three urgent reforms the Ecuadorian executive branch plans to submit to Congress to alleviate the country's economic crisis aggravated by the Covid-19 pandemic.

  

Top Stories


Leave a Comment

Title: Ecuador enforces controversial tax reform



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.