Ecuador will pass next week the Urgent Economic bill of Productive Development
15 junio 2018

On Tuesday, June 12th, the floor of the National Assembly passed, in first debate, the urgent economic bill of Productive Development. The bill was sent to the Economic Development Committee that has been compiling the observations of the legislators with a view to pass the second report on Friday, June 15th. Then the National Assembly must deal with it within two days. It could become law next week.


Since last Wednesday, the committee is working on the recommendations collected during the debate on the floor of the National Assembly. They must deepen, discuss and compile the proposals in a single text that can be voted in the second and final debate of the National Assembly.


Among the issues on which the committee works, it stands out to incorporate details on the Financial and Economic Sustainability Plan that sets new time limits for debt levels and for the scope of the Currencies Remittance Tax (ISD).


Likewise, the remittance of interest and fines on evasion of employer and tax contributions continues to be one of the axes of the legislators’ discussion. There has not yet been agreement on its scope and demands. On the other hand, it will have to rule on the duplication of the income tax exemption for investments in all Ecuadorian geographical locations, except for Quito and Guayaquil.


The committee’s second report will be ready on Friday, June 15th. After that, the president of the National Assembly, Elizabeth Cabezas (Country Alliance – Officialism), will have 48 hours to convene a new session that, in case of voting affirmatively, will turn the bill into law.


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