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The Minister of Economy of Ecuador, Richard Martínez defended today in front of the National Assembly (Parliament) that the veto of 39, executive to the law on productive development aims to maintain dollarization and fiscal sustainability.
The Minister of Finance, also attended the Ecuadorian legislature today to explain the scope of the government's partial veto of legislation and noted that it aims to clarify and improve the implementation of the law and consolidate investment incentives, according to a statement issued by his ministry.
" He reiterated that the regulation maintains its objectives of strengthening dollarization and the establishment of a process of fiscal viability ," reads document
. received last Wednesday a partial veto of this legislation to promote the country's economy.
Martínez said that it is to perfect the macrobudgetary rules, so that the limit of the public debt, which is 40% of GDP, is maintained.
However, he stressed that " this has already been exceeded and can not be returned to him immediately, but with an orderly process ."
He indicated that in the period of fiscal stabilization should reach a primary balance of the general state budget until 2021, and that every year He also stated that the proposal provided for exceptions for situations beyond the control of the executive branch such as natural disasters and that there would be tax benefits for industrial sectors such as: agricultural or film.
The President of Ecuador, Lenin Moreno presented in May in front of the National Assembly the draft organic law for the promotion of production and attraction of investments, the creation of 39, jobs, stability and fiscal balance.
The legislation includes the exemption from the payment of income tax for 8 years for all entrepreneurs who invest in Quito and Guayaquil, in addition to a 10-year exemption for those who inject capital into the rest of the country, among other measures. [EFE
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