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November 21, 2019
2019-6462

Ecuador’s National Assembly rejects and archives tax reform bill

The Ecuadorian National Assembly rejected and archived the tax reform bill proposed by President Lenin Moreno. For more information, see EY Global Tax Alert, Ecuador’s National Assembly to consider tax reform bill, dated 5 November 2019.

Background

On 17 November 2019, the plenary of the Ecuadorian National Assembly (Session 629) met to debate and discuss the second and last report of the tax reform bill. The deadline to approve or reject the tax reform was on the same day the meeting was held.

The National Assembly did not approve a motion to reject the tax reform bill. Rather, with 70 votes in favor, 32 votes against and 31 abstentions, the National Assembly decided to reject and archive the tax reform bill proposed by President Moreno.

Looking ahead

President Moreno plans to submit a new tax reform bill to the Ecuadorian National Assembly. To enact a tax reform bill before the end of the year that would be effective in 2020, the Government will have to file a new bill by the end of November, because the General Assembly will only have 30 days to review, reject or approve the bill.

For additional information with respect to this Alert, please contact the following:

Addvalue Asesores Cia. Ltda., Quito

Addvalue Asesores Cia. Ltda., Guayaquil

Ernst & Young, LLP (United States), Latin American Business Center, New York

Ernst & Young LLP (United Kingdom), Latin American Business Center, London

Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific

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