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LatinNews Daily - 4 June 2025
In brief: Ecuador’s gov’t mulls tax reform as it looks to cut costs
*Ecuador’s Economy & Finance Minister Sariha Moya has said that President Daniel Noboa’s government is considering introducing a tax reform “either this year or next” and is also planning cost-cutting measures including a reduction of fuel subsidies. Speaking during an interview with local television station Teleamazonas, Moya said that this had been made more urgent by a drop in international oil prices, which has impacted government revenue. Noboa, who was inaugurated for a second term on 24 May, has already moved to trim subsidies. On 2 June government spokesperson Carolina Jaramillo announced the termination of diesel subsidies for the tuna sector, while leaving the subsidy in place for artisanal fishers. Jaramillo said that “the industry is capable of covering the real price of diesel”, given that the 29 largest tuna companies currently receive 60% of the subsidy.
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