The negative Law of Capital Gains President Correa wants to impose, would go to the National Assembly for approval
Posted On 01 Dec 2016
President Rafael Correa clarified yesterday he did not send the Capital Gains Bill earlier this week because he traveled to Cuba to attend Fidel Castro’s funeral.
“I was in Cuba, we arrived at five in the morning (yesterday), and I guess (the bill) it is on my desk, I was giving instructions from the Sports Ministry, and upon my return to Carondelet, I will check it.
I think this week (he will send it to the Assembly),” he said at the beginning of a meeting with the provincial leaders of the Alianza PAIS (AP) party, held yesterday in the so-called Casa de Campaña, in the north of Quito.
Correa asked the press to “inform and not manipulate” the content of the bill.
“The cameras are already saying that this will harm the construction sector. This benefits development and avoids speculation. That avoids what our migrants from the United States have suffered, land speculation. It prevents real estate bubbles. We do good things for the great majorities, the one that is harmed by the Capital Gains Act, should never vote for us, but the one that is not harmed, should never vote for those who tried to deceive us,” he said.
On the contrary, he said, this will cause a reduction in the capital gains tax, and “those who will pay more are the speculators, who benefited from state works,” he cited as examples.