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President Lenin Moreno asks to revise the Capital Gains Law
Posted On 25 Jul 2017
Ecuadornews:
President Lenin Moreno announced Monday he has called for a review of the scope and the application of the Capital Gains Law, which aims to avoid speculation on the value of land.
“Construction is one of the sectors that generate more jobs. However, according to the Central Bank, during the first quarter of 2017, it was the poorest economic sector, reflecting a contraction of 7.3% concerning the same quarter of 2016. Also, this industry maintained seven consecutive quarters of decrease, which has pushed back the levels achieved five years ago,” said the Head of State during his weekly address.
The Organic Law to avoid speculation on the value of land was an initiative of the government of former President Rafael Correa and was approved by the Legislative majority in December 2016 with 79 votes in favor, 27 against and one abstention.
“We will find the best mechanisms so that it fulfills its objective of controlling the speculation of the land, but without harming the construction industry, and -much less- to the families that want to buy a house, we are talking with all sectors involved,” said the President (I).
