The National Assembly will submit for publication in the Official Gazette the text of the organic law for the digital and audiovisual transformation that creates incentives for the sector through the certificate of investment and power to Ecuador as a cinematographic destination.
This project was sent by the President of the Republic, Guillermo Lasso, with the character of urgent economic to Parliament in December 2022 and was approved with a large majority and when it returned to the Executive for its sanction or veto, an observation was applied that was accepted by the legislature with 129 votes.
The Executive applied a single objection to the project and it was to article 74 that modifies article 56 of the General Organic Code of Processes referring to the summons by the media.
The observation, the Executive, warned that there would be an antinomy of keeping the bill in its current state, because article 55 should have been modified and not 56.
For this reason, the amending text to article 55 of the General Organic Code of Processes referring to summons by ballots and by electronic ballots, and states that if the defendant is not found in person, he or she will be summoned by means of three ballots that They will be delivered on different and consecutive days at your home, residence, place of work or main seat of your business to any person in the family. If the person to quote cannot be found by any of the physical means, it will be cited by the press, and also electronically.
Contents
The text of the new law is intended to make Ecuador an attractive and interesting country for those who want to invest in audiovisual investment and will also have benefits from tax exemption on some elements.
The regulations promote investment and innovation through the modernization, updating and simplification of procedures, the effective and efficient use of digital platforms and services necessary for the development of employment, education, health and productivity.
The new law creates a audiovisual investment certificatewhich through tax incentives seeks to promote and encourage national and foreign production in Ecuadorian territory. This seeks to strengthen the direct and indirect activities involved in the audiovisual activity and in turn empower Ecuador as a cinematographic destination.
What is the ‘audiovisual investment certificate’ that is proposed in the bill for digital and audiovisual transformation
Roberto Aguirre, member of the Corporation of Audiovisual Producers and Promoters of Ecuador (Copae)commented that the sector is happy with the approval of the law, because it generates a lot of expectations in the audiovisual sector because Ecuador becomes a competitive country in the region to record series, soap operas, movies, miniseries and a quantity of content audiovisual. All this generates industry and is a step towards the industrialization of the audiovisual sector.
The granting of the audiovisual investment certificate is the most important part of this law that will come into force, according to Aguirre, because from now on When an investor comes to Ecuador to make an audiovisual investment, 37% of what he invested is returned in paper form.
With this tax incentive, it opens doors to investment, because what the Government does is return something that it never thought was going to arrive, and an audiovisual production moves a large amount of resources and many more sectors such as hotels, transportation, restaurants; that is, it drives a powerful local economy and injects capital into places of influence, added Roberto Aguirre.
The new law establishes a special tax exemption regime for the importation of capital goods for productions; from the Currency Exit Tax to payments abroad for products, salaries or per diems for this activity; Income Tax on payments abroad for the provision of audiovisual production services; and, from Value Added Tax to digital services endorsed by the Internal Revenue Service.
The speaker of the assembly, Daysi Yuquilema (IND), He stressed that this law will undoubtedly generate investment attraction through digital transformation processes; These processes of simplification and adoption of technological means will be applied at the time of providing public services.
The Ministry of Telecommunications will be in charge of mainstreaming the adoption of digital technologies for the administration, processes and public and private services. Public and private administration bodies will implement and accept the use of electronic signatures.
Schools, colleges and universities must offer programs or subjects that, by their nature, can be studied virtually. Likewise, higher education institutions must have a minimum of 5% of professors who carry out academic work in virtual mode.
The new regulatory body reforms the laws of Telecommunications, Intercultural Education, Higher Education, Commercial Code, Electronic Commerce Law, Electronic Signatures and Data Messages; Notarial Law, General Organic Code of Processes; Registration Law; and, Company Law. (YO)
Source: Eluniverso
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