The Legislative Administration Council (CAL) will meet on the afternoon of Tuesday, November 2 to evaluate the bill and decide which commission will process it.
Contrary to what happened with the failed Opportunity Law, the report of the Legislative Technical Unit concluded that the tax reform, sent by the Government on October 28, 2021, complies with the requirements set forth in the Constitution and in the Organic Law of the Function Legislative to be processed.
Based on this criterion, the Legislative Administration Council (LIME) established that this tax reform will be qualified tomorrow, November 2, 2021, through a virtual meeting at 2:20 p.m.
In addition to this bill, the processing of the budget proforma 2022.
The CAL must decide what commission submit each document.
In the Assembly, there are two commissions that process proposals in economic matters: the Economic Regime and the Economic Development Commission.
One of them must process the tax reform, and one the Budget Proof.
In both cases, legislators have 30 days to complete the process. In the case of the tax reform, which was sent with the character of urgent economic, the deadline ends on November 27. The deadline to observe or approve the proforma is November 30
Almost 2% higher collection
The Organic Law of Economic Development and Fiscal Sustainability seeks to collect around $ 1,900 million, that is, almost 2% of the Gross Domestic Product (GDP)
According to the Minister of Finance, Simón Cueva, “the burden will fall on the sectors least affected by the pandemic.”
These sectors include those who earn more than $ 5,000 a month or have an estate of $ 1 million or $ 2 million if they are in a conjugal partnership.
As an incentive, these taxpayers can deduct up to $ 200,000 for the purchase of their first home or for the purchase of unproductive agricultural land.
The new tax reform proposal proposes the reduction or elimination of taxes for certain goods and services. In addition, it proposes that people and companies, which were less hit during the pandemic of Covid-19, make a temporary special contribution.
People with incomes greater than $ 2,000 per month will pay more Income tax (TO GO). This tax reform also eliminates the current microenterprise regime, to replace it with a new regime for entrepreneurs and popular businesses.
FACT-. The Government foresees a budget of more than $ 33,000 million for 2022. The tax reform is vital so that the deficit goes from more than $ 3,000 to less than $ 2,000 million.
