The President of the Republic, by means of Executive Decrees No. 474 and 482 issued on December 6th and December 13th, 2024, respectively, ordered the mandatory and non-recoverable suspension of the working day of January 2nd and 3rd, 2025, for both the public and private sectors.
Organic Law for Financial Relief and Economic Strengthening of Generations in Ecuador was published in Official Gazette No. 699, Fifth Supplement, on December 9, 2024. Below is a summary of the most relevant provisions:
Organic Law for Financial Relief and Economic Strengthening of Generations in Ecuador was published in Official Gazette No. 699, Fifth Supplement, on December 9, 2024. Below is a summary of the most relevant provisions:
Through Executive Decree 468 issued on December 1, 2024, the President of the Republic has reduced the ISD tax rate for importation of goods classified under certain tariff subheadings.
On October 27, 2024, the Electricity Regulation and Control Agency (ARCONEL) issued Resolution No. ARCONEL-010/2024 (the “Resolution”). The Resolution amended and codified Regulation No. ARCONEL-005/24, which includes the "Regulatory Framework for Distributed Generation Systems for Self-Supply by Regulated Electricity Consumers."
Through Resolution No. BCE-GG-024-2024, published in the Official Gazette No. 678 on November 7, 2024, the Central Bank of Ecuador ("BCE") complied with the first transitional provision of Resolution No. JPRM-2024-018-M, issued by the Monetary Policy and Regulation Board ("JPRM") on September 4, 2024.
On November 7, 2024, the National Public Procurement Service (“SERCOP”) issued Resolution No. RE-SERCOP-2024-0145 (the “Resolution”), through which amendments were made to the Secondary Regulations of the National Public Procurement System (“NSSNCP”).
It is important to note that the Ministry of Labor issued Ministerial Agreement No. MDT-2024-059, which reestablished the terms and deadlines that were suspended by Ministerial Agreement No. MDT-2023-056, effective from December 15, 2023.
On October 27, 2024, the Electricity Regulation and Control Agency (“ARCONEL”), issued Regulation No. 006/24, establishing the "Regulatory Framework for Participation in Distributed Generation by Companies Interested in Energy Generation Activities" (the "Regulation").
On November 5, 2024, the Official Gazette No. 676 published the Regulation for the Utilization of Associated Gas, hereinafter referred to as “the Regulation”, which was issued by the Board of the Hydrocarbon Regulation and Control Agency through Resolution No. ARCH-003/2024 on September 25, 2024.
By Resolution NAC-DGERCGC24-00000035, issued on October 30, 2024, the Internal Revenue Service amended the rules regarding the transmission of electronic sales receipts and the issuance of pre-printed receipts.
Previously, taxpayers were required to transmit electronic receipts to the tax administration within a maximum of 72 hours after generation.
Previously, taxpayers were required to transmit electronic receipts to the tax administration within a maximum of 72 hours after generation.
The “Law to Promote Private Initiative in Energy Generation” (the "Law") was published on October 28, 2024, in Official Gazette Supplement No. 673. The Law aims to encourage private investment in renewable energy generation to help overcome the country's energy crisis. Below is a summary of the Law: