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The Finance Minister Fausto Herrera notified a possible increase of ICE for luxury vehicles, during the presentation of the Budget assignments for 2015. According to the Internal Revenue Service (SRI by its Spanish acronym), at present, this tax is applied to vehicles with a...

President Rafael Correa announced yesterday that Ecuador and Venezuela will submit a joint proposal to the Organization of Petroleum Exporting Countries (OPEC) in order to “protect prices,” implying “some cut of the production.” “It’s...

The Financial Regulatory Board approved on November 6 the costs of electronic money operations, while the pilot plan of the system is already underway. The plan will serve to measure the effectiveness of the technology platform developed by the Central Bank of Ecuador (BCE for...

The Executive President of the Banco del Pacífico, Ephraim Vieira, confirmed on November 6 that the sale price of 100% of the shares of thePacific National Bank (PNB) in Miami was $ 41’935.199. The new owners of the entity are 4 private investors: Stephen H. Deckoff, Leslie...

The Ministry of Foreign Trade reported last week that the country issued the first Certificate of Digital Origin (COD by its Spanish acronym), which will help optimize and integrate business processes between Ecuador and Colombia. The procedure is done in the Ecuapass customs...

Ecuador is working with Venezuela and other countries in a proposal with the aim to increase the international price of oil. This would be presented on November 27 in Vienna, during the meeting of the Organization of Petroleum Exporting Countries (OPEC), said the Finance...

The collapse of oil prices caused a strong drop in bonds from emerging countries that depend on exports of crude oil, mainly Venezuela and Ecuador, because investors are nervous about the ability of these nations to pay their debts. The spread between yields on the debt of...

The Ecuadorian airline Tame limited the sale of its ait tickets with destination to and from Venezuela. The head of the company, Fernando Guerrero, said that the state company has sold tickets just for November and December “until the debt is settled with the Venezuelan...

Personal care products and cosmetics have their own regulations on quality standards to be met in order to be marketed in Ecuador. The regulation in which the limitations and requirements are set up, is published in the Official Gazette and shall take effect within 180 days. The...

The budgetary assignments submited last friday in the National Assembly, set that the government’s financing needs for 2015 will be of $ 8,806.8 million. The Committee on Economic Conditions of the Assembly would begin to discuss it next week and for Tuesday 11 or Wednesday...