The Ecuador government will shortly enact legislation called the Production Code to stimulate production with tax incentives including a 3% cut in corporate income tax.
Production minister, Nathalie Cely, is to promote the legislation, which has just been agreed in a cabinet meeting. The Production Code, part of what is called the Productive Transformation Agenda, will bring together changes in industrial, financial, labor, land, and oil regulations, with an emphasis on tax incentives for businesses developing outside the main cities.
Special economic development zones (ZEDE), will be established with significant tax and tariff benefits. Financing packages for SMEs will be devised, and other production incentives for green industries will be announced in order to stimulate entrepreneurial processes, according to Cely.
The objective is to attract more than USD2.5bn of foreign investment to Ecuador in 2011, up from about USD1.2bn this year, and by 2014 increase this again to more than USD4.2bn.
.Tags: tax | investment | business | small and medium-sized enterprises (SME) | legislation | tax rates | corporation tax | Ecuador | tax incentives
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