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LatinNews Daily - 18 December 2019

In brief: Budget and tax reform pass through Ecuador’s national assembly

* President Lenín Moreno’s flagship tax reform and proposed budget for 2020 have both made it past Ecuador’s national assembly, despite considerable opposition to both bills. The legislature’s Economic Development Commission had offered 16 amendments to the US$31.47bn budget, but their proposals fell five votes short of approval, meaning the budget passes into law automatically. The assembly also discussed Moreno’s objections to their amended version of his ‘tax simplicity and progressivity’ law, which seeks to raise an extra US$600m in 2020 and secure substantial IMF funding. The assembly immediately approved 11 of the 13 objections, but while considerable efforts were made to challenge Moreno’s insistence on limiting exports by migrants living in Ecuador, his presidential veto was eventually approved, and the law will come into effect in January.

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