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LatinNews Regional Monitor: Andean Group - 21 October 2019

In brief: Ecuador’s gov’t sends down new tax reform plan

* Ecuador's President Lenín Moreno has sent down a new tax reform plan to congress. This is one of the four reforms that his government promised the International Monetary Fund (IMF) in order to obtain a US$4.2bn credit line from them. The previous tax reform cut subsidies to petorl fuels and was met with great opposition, causing a deadly wave of protests. In the face of the protests, the IMF backed a “peaceful” resolution and reiterated its support to a “dialogue process” after President Moreno relented to protesters and reinstated the fuel subsidies. The new tax reform plan includes amendments to the organic code of planning and public finances (COPLAFIP) and the organic monetary and financial code (COMYF), which would give Ecuador’s central bank more autonomy. Economy & Finance Minister Richard Martínez said these measures seek to “modernise the tax system and promote entrepreneurship” and will not include a rise in Ecuador’s value-added tax (VAT).

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