Ecuadorian president Daniel Noboa presented a fourth urgent economic bill

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Ecuadorian President Daniel Noboa has introduced a fourth urgent economic bill, focusing on controlling irregular capital flows as part of his administration's efforts to stabilize the country's financial system. The proposal aims to strengthen oversight of illicit financial movements and boost transparency in monetary transactions. Critics, however, question whether these measures will address deeper economic challenges or merely impose further restrictions.   #Ecuador #Noboa #EconomicReform #teleSUREnglish

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00:00The Ecuadorian National Assembly received a new bill on urgent economic matters.

00:07This document proposes to prevent, detect and control irregular financial movements,

00:13but it also provides for the implementation of tax reforms,

00:16among them that companies will have to pay a 12% tax on the amount distributed.

00:22According to several experts, this is nothing more than a facade by the executive to obtain

00:26more revenue in view of the president's family company's failure to pay taxes.

00:34It is not a matter of creating more taxes, of changing the rules of the game,

00:38but simply of correcting tax evasion.

00:43In my point of view, it would be optimal not to create more taxes,

00:47to raise them, but simply to do the tax functions well.

00:51It is not a matter of simply cutting ministries, cutting public servants,

00:56but of being efficient in spending.

01:01He questioned how to control irregular funds, and establish new tax rules.

01:07One of the viable alternatives he presented was to charge the large companies that owe

01:11exorbitant amounts to the country, as well as to eliminate interest remissions.

01:17By collecting the debt, the NOBOA group could even have avoided layoffs in the public sector.

01:21The amount corresponding to interest and fines totals almost $66 million.

01:31Just to put in context, the executive decree that foresees the report of 5,000 civil servants

01:37and the cut of 41% of the entities

01:40would represent for the country an interest-saving between $60 million and $120 million.

01:49However, prior to the executive's announcements,

01:52$76.2 million of the debt held by the banana exporter NOBOA

01:56disappeared in the internal revenue service system.

02:00Now it owes around $21 million.

02:04This has generated strong criticism,

02:07starting because there is no pronouncement as to why this change was made.

02:10The analysts consulted define the action as irregular.

02:12While this is happening, jobs are being cut,

02:18health care is not being taken care of,

02:20it is practically a step backwards,

02:25practically to a parallel regime without rights,

02:28it is misused by the executive for the benefit of complying with the introduction of these regulations.

02:33According to analysts,

02:37the executive's new project is part of a discourse promoted by Daniel NOBOA,

02:42whose objective would be to cover up the tax debts of privileged sectors,

02:47transferring the tax burden to the people.

02:51Society cannot bear so much aggression at all levels of life.

02:54We have no security.

02:56We have no health.

02:57We have no education.

02:58We have no work.

02:59So, what do we do is the question.

03:03Meanwhile, what for now is a fact is that the project,

03:08which the executive has entitled Law of Foundations,

03:10must be approved, modified or denied in a period of 30 days by the legislature.

03:16This, while the NOBOA family continues to count among the companies that owe the most taxes in Ecuador.

03:21Gabriela Mena, Telesur Ecuador.

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