Ecuador approves tax reform, including an amnesty to boost youth jobs

Ecuador’s National Assembly on Tuesday approved a tax amnesty proposed by President Daniel Noboa aimed at coaxing delinquent taxpayers to pay outstanding bills, part of a tax reform that also includes new incentives to employ young people.
It is estimated the reform, including the amnesty, will generate more than $830 million and stimulate the ailing economy.
Noboa took office last month promising to improve economic conditions, especially for youth, amid surging crime in the Andean country.
The reform was approved by 107 legislators out of 135 present in the session, with minor changes that the 36-year-old president can now approve or reject.
“We will once again have order and the resources to combat lawlessness,” said Noboa in a statement after the vote.
The new tax incentives, mostly in the form of income tax discounts, will apply to companies that hire workers aged 18-29 for a minimum of one year.