MercoPress. South Atlantic News Agency

Double taxation: Ecuador, Italy sign agreement to foster private investements

Ecuador's foreign minister Guillaume Long signed the agreement with Italy on behalf of his government

Ecuador signed an agreement with Italy to define the tax obligations of the citizens of the two countries, in order to avoid double taxation on income taxes and equity and prevent tax evasion, the Ecuadorian Foreign Ministry said.

 “This protocol modifies the agreement signed in Ecuador and Italy in 1984 and allows to define the taxes to which the said agreement will apply, Ecuador will be the income tax of natural persons and, on the part of Italy, the personal incometax, the corporation tax and the regional tax on productive activities,” said the official statement.

Upon signing the agreement, Ecuador's Foreign Minister Guillaume Long said that this “is an important agreement that allows us to favor the citizens of both countries and investors who need this kind of instruments to not tax twice and develop their business activities.” Signing the accord on behalf of Italy was its ambassadot to Quito, Marco Tornetta, who stressed that this is “an agreement that is signed within the framework of developing economic, financial and trade cooperation between the two countries.”

Italy expressed its “full endorsement” to the trade agreement between Ecuador and the EU in the new document, which was brokered by the Ecuadorian Internal Revenue Service, within the framework of international cooperation with Italy in tax matters, and is linked to the recent signing of the Protocol of Accession of Ecuador to the Trade Agreement with the European Union. Last year both countries have signed agreements on debt swaps, cooperation in criminal matters, cooperation on extradition, air services and human mobility, among others.

In a separate foeign policy move, “National Assembly President Gabriela Rivadeneira and her United Arab Emirates partner Amal Al Qubaisi signed an interparliamentary agreement to strengthen ties between the two institutions through the exchange of information on legislative procedures, publications, official visits, among others. Others,” a statement from the Ecuadorean government indicated. The two parliamentary leaders met in the framework of the Summit of Women Presidents of Parliaments that takes place in Abu Dhabi. Al Qubaisi thanked Rivadeneira for her presence and “highlighted her role as a role model for both young people and women,” the statement said.

For her part, the head of the Legislative Branch of Ecuador presented some initiatives to promote women's political participation, “such as the Beijing + 20 agreements, and youth in politics, as well as the formation of the Youth Parliamentarians Network.” The Beijing + 20 forum was an initiative that emerged from the National Assembly and UN Women Ecuador in 2014 with the aim of generating a parliamentary mechanism to follow up on the Platform for Action of the Women's Summit held in the Chinese capital in 1995.

Rivadeneira confirmed “the opening and disposition of Ecuador”, through the Alternate Presidency of the Caribbean and Latin American Parliament (Parlatino), which she holds, “to coordinate joint actions in the region.” He also emphasized the regulations adopted by the Assembly, “which have allowed the promotion of public and private investments in strategic sectors”. In addition to gender parity, the parliamentary presidents' forum, which brings together lawmakers from more than 50 countries, is debating issues such as climate change, new geopolitical threats and a technology landscape.