LatinNews Daily Report - 06 November 2012

TAXATION | Tax reform gets green light at committee level. On 5 November a tax reform proposal tabled by the Rafael Correa government got the green light from the national assembly’s economic commission, with six votes in favour and four abstentions. It will now move on to the full plenary for an initial debate. The approved proposal does not include any of the observations made by the local private banking sector, other financial institutions and the local stock exchange (BVQ) at a hearing last week. The bill was introduced as “urgent” on 25 October, meaning that it must be accepted, amended or approved within 30 days (by 24 November). Otherwise it automatically becomes a law. The plenary debate will take place on 15 November.

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