The producers expect less tax burden

Ecuadornews:

The economic plan of President Lenin Moreno is outlined under three approaches: maintain dollarization, strengthen the fiscal and productive sectors.

The productive sectors are expectant to the economic plan that the President of the Republic announced that he would present during the first days of this month.

What is known so far is that it will include the draft Law on Attraction of Investments presented by the Ministry of Foreign Trade and Investment and that the main axes of the plan will be the sustainability of dollarization and address the fiscal and productive sectors.

Fausto Álvarez, president of the Chamber of Agriculture of Zone V (Manabí and Esmeraldas), mentioned that   this document should consider the agricultural sector as a priority.

“The economy is not only distributing the taxes we generate, but it must flourish with officials with correct profiles who decide where the agricultural sector is going.”

Álvarez added that the work of the Ministry of Agriculture should be complemented with the National Institute of Agricultural Research, the Agency for Regulation and Control of Phytosanitary and Zoosanitary  and other entities in the sector.

Shrimp producers, one of the most profitable branches of the country’s economy, also have high expectations in the economic plan. José Antonio Camposano, executive president of the National Chamber of Aquaculture, believes that the plan should propose ways to reduce production costs and review certain tariff items of inputs for the industry that currently pay high tariffs.

His second request to the Minister of Foreign Trade is that the shrimpers also benefit from the zero VAT rate for the chain of products and processing. “We are the only chain that still pays VAT”.

On the tuna side, Mónica Maldonado, representative of the Ecuadorian Chamber of Tuna Industrialists and Processors, expects productive incentives in the short and long term.

In the first instance, they request the elimination of the minimum income tax requirements of the Foreign Exchange Tax (ISD) for credits abroad. “Having an expensive credit is what prevents the tuna company from growing because it is in debt.

If we find a loan at 2% interest, with 5% of the ISD, it will never be less than 7%, “explained Maldonado. For now, the economic front analyzes the repeal of the ISD for new investments. (I)

Source: https://www.eltelegrafo.com.ec/noticias/economia/4/los-productores-esperan-menor-carga-tributaria