Ecuador: Latin American Banking Federation questions tax reform involving banks

Last Thursday, the Latin American Federation of Banks (Felaban) , announced its deep concern at the proposal of President Rafael Correa, to use part of the income of private banks, to finance the announced bonus increased from 35 to 50 dollars according to Ecuavisa.com. The statement, which was published in several newspapers across the country, states that “the elimination of profits likely affect capital strengthening the banking system and will lead to not be able to continue generating productive activities”. “The decision to take part in bank profitability discriminates against Ecuador’s private banking system, and puts it at a disadvantage compared to other financial institutions, and other economic sectors.” Read Article