High court rules thumbs-down on
tax-free economic zones.
The zones were proposed in the Muerte Cruzada
phase that is closing out the term of the
Lasso Administration.
Presidente Lasso wanted to encourage new businesses
and investments through the designation of
special tax-free zones.
He had had no luck getting the proposal past his
opponents in the National Assembly.
He took advantage of the situation by dissolving
the assembly and proposing the special zones
via decree.
However, Ecuador's Constitutional Court has now
put an end to such tax-free-zoning plans during
the Lasso years by rejecting the zones.
The court's decision has apparently put an end
for now to the hopes for a revival of Ecuador's
casino industry, which was eliminated a decade ago
under the Correa Administration.
Ecuador is the only South American country whose
casinos were all closed by the national government
and have never re-opened.
News source... www.cuencahighlife.com
