On 11 October 2017, according to a press release, Ecuadorian President Lenin Moreno proposed some economic measures with tax reform plan. Key issues of this proposal are following:
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- corporate tax rate will increase to 25% from 22%,
- advance income tax payments obligation will not apply for small companies with revenue not more than 300,000 USD,
- small companies will be exempt from corporate income tax for first 2 years,
- small companies may enjoy tax exemption benefit up to USD 11,000,
- 5 year tax exemption will available for repatriated capital.
The measures will be approved by the National Assembly before entering into force.
