Assembly Will Analyze Changes to Fines for Not Declaring Assets Abroad

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The Executive questioned the sanctions mechanism included in the reform and proposed that fines be calculated on the basis of the value of undeclared assets.

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Quito, Oct 19 (Prensa Latina) Ecuador's National Assembly (Parliament) today approved President Daniel Noboa's partial veto on reforms to the Tax Code, which modifies fines for omitting assets abroad in the patrimonial declaration. The post-legislation of Ecuador supports Noboa's veto on tax reform first appeared on Noticias Prensa Latina.

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Noboa proposes to change fixed fines of up to $964,000 for a percentage rate of 0.5%. Economic Regime Commission recommends to veto