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Changes to Accounting Obligations in Ecuador During COVID-19

Changes to Accounting Obligations in Ecuador During COVID-19

Learn how Ecuador has modified some of its accounting obligations for companies due to the current situation and economic uncertainty facing the country. Ecuador, like many other countries, has been affected economically, politically and socially by COVID-19. However, despite the current situation and existing restrictions, companies operating in the country have continued their commercial activities and must comply with the accounting obligations established by the government. The Ecuadorian government has taken a series of measures and issued important resolutions on accounting obligations in Ecuador in order to support entrepreneurs and prevent them from going bankrupt. President of Ecuador Lenin Moreno has announced economic measures focused on outlining the financial steps to sustain business and the economy during the pandemic. Economic measures in place During the last months, President of Ecuador Lenin Moreno has announced economic measures focused on outlining the financial steps to sustain business and the economy during the pandemic. These measures include: US$4 billion reduction in public spendingThe single tax on vehicles with an appraisal greater than US$20,000 must pay a contribution of 5% of the appraisal value.Creation of a fund for loaning to small and medium-sized companies at 5% interest, with a 3-month grace period and a 36-month term.Merge the Ministries of Telecommunications and Transport Additionally, Lenin Moreno announced that Ecuador received an international collaboration for around US$60 million as exclusive funds to face the needs that have...

NZ Budget 2019: How Will it Stack Up for Business?

NZ Budget 2019: How Will it Stack Up for Business?

At the end of May, New Zealand releases its 2019 Budget. This Budget is hailed by many as a landmark of its time for its undeterred focus on the social sector. Winners for this year’s ‘Wellbeing Budget’ look to be health, education, and environmental industries. So, what does that mean for New Zealand’s business environment? We speculate on the features of this year’s Budget, and what the flow of socially conscious public spending brings to the nation’s already-buoyant economy. Overview of government priorities New Zealand is a highly-productive economy boasting some impressive world statistics. The nation nurtures the third freest economy in the world, and as such ranks first globally for ease of doing business. Its homegrown Auckland University ranked first in the 2019 Times Higher Education Impact Rankings. The government now considers that the next step for the impressive South Pacific island is to focus on its people. Since late 2017, the incumbent Labour-coalition government wasted no time in prioritizing New Zealand’s human development, health and wellbeing. The ambitious 100 day plan campaign promise from Labour saw developments towards: Making tertiary education more accessible Offering financial assistance to low-income households through a Families Package Housing construction in population-dense areas Protecting the environment Addressing the country’s mental health issues Ensuring fair taxation for individuals and businesses. In an increasingly modernizing world where ideas are the new currency, New Zealand’s Wellbeing Budget targets its human potential....

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