This Thursday June 21st the National Assembly resumed the debate of the Productive Development bill. The session had begun on Tuesday, June 19th , but was suspended and re-scheduled. During the debate on Tuesday, the opposition blocs questioned the discretionary powers that the bill grants to the President concerning the reduction of the Exit Currency Tax (ISD). The ruling party is expected to pass the initiative during this session.

The debate focused on evaluating the main changes introduced by the Economic Development Committee in the second report. The president’s discretion to reduce the ISD was one of the modifications highlighted by the opposition, which questioned the Executive’s prerogative in this regard. Héctor Muñoz (Movimiento Suma-opposition) stated that this is forbidden by the Constitution, which stipulates that the establishment, reform or elimination of taxes is a faculty of the Assembly.

The debate will continue on the floor, where it is expected to solve these issues. Some legislators have yet to present their views before the bill can be voted. If the ruling party gets the support of a majority of the legislators in attendance, the bill will be passed. If so, the Executive will evaluate the changes introduced by the legislative body. If accepted, the bill will be promulgated, and from then on it will be law.