Economy & Business - January 2022

ECUADOR: Fiscal outlook improves with passage of tax reform

Ecuador’s President Guillermo Lasso promulgated the “Law for Economic Development and Fiscal Sustainability” on 29 November, with the law being approved by default following failed efforts to either pass or shelve it in the national assembly. The law, which predominantly concerns tax reform but also includes measures targeting the oil sector, should improve the state of Ecuador’s public finances both directly, thanks to increased tax revenue; and indirectly, by bolstering the confidence of multilateral lenders and enabling the negotiation of oil participation contracts.

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