Tax reform will take effect on Thursday

Ecuadorian President Rafael Correa

Ecuadorian President Rafael Correa announced that  despite the legislative resolution which prevented the implementation of tax reform; this will take effect by tomorrow.

Correa and assembly have ignored the document, arguing illegality. This decision, which defies the National Assembly (the project was denied by a majority vote of the opposition); could create a conflict between both powers.

Correa said that the reforms come into effect on Thursday with the publication in the official record.

“What we have done is a resolution with no binding power, reflects a major failure of the opposition and that law will enter through the ministry of the law when it is due,” said Correa.

According to the executive, this new reform is expected to raise about $ 360 million to finance works.

(BG)