President-elect Daniel Noboa He presented some aspects of the tax reform that he plans to send to the National Assembly and assured that it does not imply an increase in taxes.
The announcement was made during his meeting this Tuesday, November 7, with the executives of the financial group Barclays in New York. The president has indicated that he will follow through on his campaign’s offer of tax cuts as an incentive for companies that hire Ecuadorian talent and labor.
Among the tax incentives is the reduction of VAT on construction materials from 12% to 5% in order to activate this sector, which is one of the sectors that employs the most and drives the economy.
Noboa explained that the reduction and organization of the tax burden will allow Ecuador to be more competitive with its neighbors. With its attractiveness, Ecuador will be able to attract investments and help the agro-export sector, which is also one of the largest generators of employment and collection of export taxes.
As for the meeting with the financial group, Noboa also discussed the content of his economic plan.
Barclays is a bank with a global presence dedicated to consumer, corporate and investment banking. In the case of Ecuador, it is one of the main operators of the country’s debt.
In this meeting, he was accompanied by the future Minister of Economy and Finance, Sariha Moya, and the delegation accompanying him during this tour in search of investments and financial support to create jobs and well-being for Ecuadorians.
On behalf of Barclays, among other executives, Alejandro Arreaza, economist specializing in Latin America, and Luis Rivases, head of Barclays Coverage for Latin America, Mexico and Brazil, attended.
Source: Eluniverso
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