Government presents regulations for application of the Law of Productive Development

Ecuadornews:

President Lenin Moreno presented on Thursday January 10, 2019 a regulation that will allow the application of the Law of Productive Development, which seeks to enhance the economy of the country in the sectors of agriculture, fisheries, tourism and export.

“With the regulation we plan the application of the law so that investors and beneficiaries feel calm,” Moreno said in a meeting with businessmen after adding that this regulation promises “more jobs and facilities for entrepreneurship.”

According to the president, this year private investment “will have more prominence” and will be the “biggest sustenance” for the growth of the national economy, since it considers that it should “stop being dependent on public investment”.

Likewise, Moreno mentioned a simplification of the environmental regulatory process, as another of the “good news”, which guarantees the protection of nature and also “energizes” the industries.

“The activities of low environmental impact, after complying with the rigorous processes, will have immediate approval and those of medium and high impact should present studies that guarantee the protection of nature” through a format that, in the same way, seeks the “acceleration of procedures”.

For his part, Richard Martinez, Minister of Economy and Finance, said that the Law is accompanied by an agile regulation that “does not hinder, but rather facilitates” the productive activities.

According to the minister, this regulation has a clear formula for the exemption of income tax, it also reduces the tax burden and ensures the automatic return of the tax on the exit of foreign currency (ISD).

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Another of the “benefits” of the standard is the possibility of speeding up customs procedures, equity for craft companies and incentives and facilities for those who declare whether they have funds in tax havens.

Finally, the Minister of Production, Foreign Trade and Investment, Pablo Campana, said that they are working on a new regulatory proposal that will be complementary to the Law and the Regulations already in force. (I)

"Dentro de estos pilares se ha logrado impulsar una #LeyFomentoProductivo que tiene amplios beneficios para todos los empresarios: micro, pequeños, medianos y grandes", @RichardM_A, ministro de @FinanzasEc. #ConfíoEnMiPaís

— Comunicación Ecuador (@ComunicacionEc) 10 de enero de 2019

Source: https://www.expreso.ec/actualidad/gobiernoecuador-leydefomentoproductivo-economia-ecuador-finanzas-FD2566421