Ecuador Considering New Inheritance Tax Law

Ecuadoran President Rafael Correa has proposed a new inheritance tax bill, soon to be introduced in the National Assembly. The new measure will not affect the middle class or poor as it will apply a 2.5% tax only on inheritances from US$35,000-70,000. Last year only one in 3,000 Ecuadorans received an inheritance worth more than US$35,000. The bill, Correa explained, is designed to break centuries long inertia where a hundred families dominated the country, precisely through the inheritance of economic power. teleSUR