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Ecuador enforces controversial tax reform
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IANS | 30 Nov, 2021
Ecuadorian President Guillermo Lasso mandated into law a controversial
tax reform bill aimed at raising more than $1.9 billion over the next
two years to alleviate the country's economic crisis.
"The bill
takes effect by mandate of the Constitution," the presidency's General
Secretariat of Communication said in a statement, adding that enacting
the law "means building a new path towards the country's recovery and
generating jobs for the Ecuadorians who need it most."
The bill
was submitted to the National Assembly (Congress) on October 28, giving
lawmakers a 30-day period ending on Sunday to pass or amend it. However,
the legislature, where the opposition holds a majority, failed to
approve the bill, Xinhua news agency reported.
According to the
Ministry of Economy and Finance, 96.6 per cent of the economically
active population will not be affected by the new law, which mainly
applies to large companies, and those earning more than 5,000 dollars a
month or having more than 1 million dollars in equity.
The law is
the first of three urgent reforms the Ecuadorian executive branch plans
to submit to Congress to alleviate the country's economic crisis
aggravated by the Covid-19 pandemic.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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