Ecuador Forum

HGQ2112
Joined 2009
Posts: 1640

14 years ago

Ecuador, Taxes & The Economy

14 years ago

This is an excerpt from an article posted by Bloomberg News:

"Ecuador Tax Cut May Generate $600 Million in 2010

By Nathan Gill

March 11 (Bloomberg) -- Ecuador’s proposed corporate tax cut may generate $600 million in new investments this year as companies take advantage of incentives to reinvest profits, said Nathalie Cely, the nation’s production minister.

Ecuador’s government is trying to spur investment in the country’s non-oil sector and shift economic growth away from non-renewable resources toward eco-tourism and bio-technology, including bio-chemicals and medicines, Cely said.

“This law proposes a very important reduction in taxes,” Cely, a Harvard University-trained economist, said today from her office in Quito’s financial district.

Economic Outlook

Non-oil industries will grow as much as 7.7 percent this year compared with the 6.8 percent increase in GDP forecast in the budget, Cely said.

Ecuador’s unemployment rate will drop this quarter from 7.9 in the last quarter of 2009 as South America’s seventh-biggest economy rebounds faster than expected, the minister said."

To contact the reporter on this story: Nathan Gill in Quito at [email protected]
Last Updated: March 11, 2010 16:12 EST

Attribution source: http://www.bloomberg.com/apps/news?pid=20601086&sid=auM7z3tFefII

Wow! How "barbaric" [and "Socialist" of course] of Correa...cutting taxes to spur economic growth. I remember tax cuts...vaguely...sort of...through a fog...but then again, I am a citizen of the USA. Gets harder and harder to remember. Probably just senility setting in.

HGQ
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin

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