ECUADOR

On November 29, the Executive Branch enacted, through the Official Registry, the Organic Law for Economic Development and Fiscal Sustainability after the Covid-19 pandemic. This proposal seeks to generate a reliable business environment for the creation of jobs. It also proposes a contribution from companies with assets of more than 5 million dollars. The text presents the original provisions presented, excluding the changes made in parliament. The law is already in force.

The enactment is based on the stipulations of Article 140 of the Ecuadorian Constitution, which regulates the treatment of laws sent with urgent economic character by the presidency. It establishes that in the event that the Assembly does not approve, modify or deny such a text within 30 days, as in the present situation of this text, the Executive Branch may promulgate it by decree and order its publication in the Official Registry with its original provisions at the time the text was presented to the Assembly. Furthermore, it indicates that the National Assembly will have the possibility at any time to modify or repeal the law once it enters into force.