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Those who earn 5,000 dollars a month and companies that have not seen their income affected must advance payment of taxes, announced Lenín Moreno
Posted On 25 May 2020
President Lenín Moreno announced in his report to the Nation that he will accept the suggestion that was given in the process of Humanitarian law that was discussed in the National Assembly. He indicated that he withdrew the contribution proposal in order to ensure the approval of the agreements.
Those who earn 5,000 dollars a month and companies that have not seen their income affected must advance payment of taxes, announced Lenín Moreno
Given this, he stated that due to the power that the Constitution gives him in exceptional cases, people who have a monthly income of $ 5,000 a month will have to advance a percentage of their taxes. As will the companies that did not see their income affected due to the COVID-19 coronavirus pandemic. The sectors that have not stopped working are agribusiness, pharmaceutical, oil.
Article 165 of the Constitution details that among the powers that the President has during the state of emergency is the early collection of taxes.
Pablo Arosemana, president of the Guayaquil Chamber of Commerce, expressed through his Twitter account that “at this moment, removing liquidity from workers and companies with taxes is like stepping on the hand of someone who is struggling to save themselves, holding the edge off the cliff. ” He also said that the exit is not more taxes but more economic freedom.
Moreno explained that the amount raised will go towards social protection projects and the Reactívate Ecuador credit program. Regarding the latter product, he indicated that from Monday, Banco del Pacífico will begin to deliver them at 5% interest, with a 36-month term and a six-month grace period. The amounts that will be accessible will be from 500 to 300,000 dollars if they are microentrepreneurs and medium-sized companies up to 500,000 dollars. (I)
