Yesterday, after a visit to the polyester yarn factory, Enkador, the Minister of Production, Richard Espinosa, revealed some aspects of the new economic emergency law, which will be sent to the National Assembly, to compensate the exporter sectors which is affected by the resignation from the Government to the Andean Trade Promotion and Drug Eradication Act (ATPDEA).
The new law provides the total return of tariffs and coverage to all products with the reactivation of the Tax Credit Certificate (CAT). This new law would be a reform of the same one, which already went through a change in 2011 when the ATPDEA was not renewed between February and October.
The mechanism works by a direct calculation of exports and its subsequent payment. “If you pay, we pay, with their payment record we immediately make the respective devolution,” said Espinosa.
The minister also said that the new law will focus solely on the products under the ATPDEA, which are 905 in total. “We will focus on 100% of the products that will no longer be under these types of benefits.”