On May 24, 2018, upon fulfilling the first year of functions the current President Lenin Moreno, presented to the Assembly, “The Organic Law For Productive Promotion And Investments Attraction, Employment Generation, Stability And Fiscal Equilibrium”. This project is based on three pillars: attracting investments, generating employment and fiscal sustainability.
On May 29, 2018, the Legislative Administration Council (CAL) give this proyect the qualification of urgent and sent it to the Economic Development Commission, to study it and present a report for the first debate.
Among the main changes, which were announced would be:
- Non-payment of income tax for 8 years for new investments made in Quito and Guayaquil.
- Non-payment of income tax for 10 years for new investments made outside of Quito and Guayaquil.
- Elimination of the income tax minimum advance payment.
- Gradual reduction of the Currency Exit tax since 2019.
- Incentives were promised for sectors: construction, production, business, medium and small.