QUITO (Reuters) – Ecuadorean President Lenin Moreno on Friday proposed a new tax on corporations and a simplification of the tax system to improve government finances after a plan to eliminate fuel subsidies was met with violent demonstrations. FILE PHOTO: Ecuadorian President Lenin Moreno visits areas affected by protests, in Quito, Ecuador October 17, 2019. REUTERS/Henry Romero Indigenous protesters led almost two weeks of demonstrations after Moreno announced he would eliminate decades-old subsidies on diesel and gasoline. He walked back the measure and promised dialogue to find different ways to close the fiscal deficit. “Today a tax reform proposal was sent to the legislature … We will not raise the Value Added Tax,” Moreno said in a televised address. “We will ask those who have more to pay more.” The proposal includes a new tax on companies with annual revenue of more than $1 million, which he said would raise about $532 million over three years. Citizens with annual income above $100,000 will not be able to deduct personal expenses from their income tax. The plan also includes a tax on plastic bags and electronic cigarettes. The measures will need congressional approval. The tax reform proposal had been part of… Read full this story
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