MEXICO CITY (Pakistan Point News / Sputnik - 24th May, 2023) Ecuadorian President Guillermo Lasso said Tuesday he signed a bill on attracting and supporting investment into law, which would significantly reduce the fiscal burden on producers and exporters in special economic zones and increase their competitiveness.
"Today, I signed a decree - the key law for the development of Ecuador: a law to attract and encourage investment for productive development. This way, we want to attract investments so that producers enter new markets, production costs are reduced, and more jobs are created. I believe this norm opens new opportunities for Ecuadorians," Lasso said on Twitter.
According to the law, national private and public-private enterprises in special economic zones will be exempted from paying income tax for 10-15 years, as well as taxes on foreign trade. The companies will also be allowed to purchase production resources without paying VAT and be exempted from paying fees for Currency exports.
