Ecuador: Guayaquil Chamber of Commerce rejects Capital Gains Law

Miguel Angel González, president of the Guayaquil Chamber of Commerce, has spoken out against the proposed Capital Gains Law being now discussed in the country’s National Assembly. The law, he said, “Does not meet the goal of ending speculation. We, as the Chamber of Commerce, emphatically reject the new Capital Gains Law, as we consider it to be untimely, illegitimate and unjust, implying greater negatives than positives for the country.”

The law would be untimely, he said, due to the economic slowdown affecting the country, during which time no new taxes should be approved, but rather should focus on tax incentives that could re-start the economy. “We should note that the mere fact that we are discussing this law proposal has already created mistrust, fear and uncertainty, during a difficult time for the economy.”

It would be illegitimate, González continued, because “it is not right that governments should interfere and determine what the proper level of earnings one should have. Governments should not determine profit levels. It is anti-technical to interfere with the natural dynamics of supply, demand and natural price-fixing.”

Full Content: Ecuador Inmediato

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