LatinNews Daily - 18 May 2023

In brief: Ecuador’s Lasso uses new decree powers to modify tax regime

* Ecuador’s President Guillermo Lasso has issued an executive decree modifying his government’s diluted 2021 tax reform, in his first decree since his dissolution of the national assembly yesterday. Under Ecuador’s constitution, until general elections are convened Lasso is authorised “to issue decree laws on matters of economic urgency,” which must be upheld by the constitutional court. The latest decree would increase tax breaks depending on the size of a household, raise the tax band thresholds, enable tax deductions for those with severe illness, eliminate income tax for businesses earning less than US$2,500 a year, and enable tax deductions for spending on pets, among other things.

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