Incentives to Production Law is dispatched to the Assembly

President Rafael Correa sent the draft Law on Incentives to Production and Tax Fraud Prevention to the National Assembly. The proposal is an urgent economic matter and should be processed within 30 days by the Legislature.

Some of the reforms that the Executive’s proposal determines is the total exemption from tax and municipal taxes for people over 65 years with monthly revenues of up to five basic unified remunerations (SBU) ($ 1700 to the present value of wage, which is $ 340) or people who have any assets not exceeding 500 RBU ($ 170,000 with the current salary).

Furthermore, it determines that people with disabilities are entitled to the Value Added Tax (VAT) paid on the purchase of goods and services of first necessity, of use and personal consumption, for it to be reinstated according to the definitions, limitations, requirements and deadlines set in the respective regulations