Economy & Business - January 2024

ECUADOR: Early win for Noboa as congress approves crucial tax reform

With 107 votes in favour, Ecuador’s 137-member national assembly voted on 19 December to approve a tax reform bill submitted by President Daniel Noboa, who took office the previous month. The tax reform – Noboa’s first major piece of legislation – is primarily aimed at providing short-term relief to the government’s liquidity problems. It incentivises the payment of unpaid taxes and requires the country’s 499 largest businesses to make monthly tax payments, which the government hopes will generate almost US$100m per month. This revenue will then be used to fund tax cuts aimed at incentivising job creation, with the hope of kickstarting a cycle of growth and pulling Ecuador back from a looming financial precipice.

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