Ecuador Hikes Taxes to Re­build Quake-Hit Cities

The Economic Times - - Around The World -

Quito: Pres­i­dent Rafael Cor­rea an­nounced on Wed­nes­day that he was rais­ing sales taxes and will charge a one-time levy on mil­lion­aires to re­build cities dev­as­tated by Ecuador’s worst earth­quake in decades. Cor­rea said sales taxes would in­crease to 14% and peo­ple with more than $1 mil­lion in as­sets will be charged a tax of 0.9% on their wealth. Taxes on com­pa­nies will also go up and Cor­rea said he will look to sell state as­sets. He is also draw­ing on $600 mil­lion in emer­gency cred­its from the World Bank and other lenders. AP

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