In an about-face, Correa says he will reintroduce controversial legislation to raise inheritance taxes in January

Dec 26, 2015 | 0 comments

Only weeks after saying that plans to re-introduce legislation to increase the inheritance and capital gains taxes were “off the table,” President Rafael Correa said Wednesday that he plans to send new proposals to the National Assembly in January.

President Rafael Correa

President Rafael Correa

In interviews with the foreign press in October and November, as well as in an televised economic debate, Correa said the proposals would not be reconsidered for “several years.” Originally introduced in June, the inheritance tax proposal was met with large protests across the country, prompting Correa to withdraw it and a capital gains increase proposal, pending what he called a “national dialogue.”

Correa made the announcement of the new tax proposals during the swearing in ceremony of 12 new ministers and secretaries of state in the presidential palace. He said it would be aimed at ending practices to evade inheritance taxes through the use of foundations, trusts and off-shore bank accounts.

He said a revision of capital gains rules is needed because the current system basis taxes on municipal assessed value, not purchase and sales prices.

An aide to Correa said the new proposals would be “very different” to the ones offered in June but did not provide details.

 

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