This law, previously approved by the National Assembly, seeks to boost competitiveness and promote the tourism sector in the country, in addition to providing financial relief to tour operators affected by various situations.
The approved regulation establishes specific provisions for the implementation of the law, including coordination between the Ministry of Tourism and public and private institutions of the National Financial System to grant loans with preferential rates and terms to the tourism sector. In addition, more favorable refinancing conditions will be implemented for existing operations in the sector.
Other important provisions of the regulation include:
Tourism Promotion and Development: Creation of the Ecuador Tourism Development Fund, financed by the Ecodelta and Potencia Turística rates, to support tourism promotion and competitiveness programs and projects.
Payment Facilities: Tourism service providers with outstanding tax obligations with the Internal Revenue Service (SRI) and the Ecuadorian Social Security Institute (IESS) will be able to access payment facilities of up to 24 months.
Air Competitiveness: Progressive reduction of the surcharge on airline fuel to 0%, with the aim of improving operating conditions for airlines and reducing travel costs.
Community Tourism: Fostering and promoting community tourism through strategies coordinated by the Ministry of Tourism.
Employment in the Tourism Sector: Coordination with the governing bodies of Labor and Higher Education for the development and implementation of plans and programs that improve employability and professionalization in the tourism sector.
Tourism Minister Niels Olsen stressed the importance of this regulatory advance: “With the approval of the regulation, we are taking a crucial step towards the effective implementation of the Law on Strengthening Tourism Activities. This will allow not only the economic reactivation of the sector, but also the consolidation of tourism as one of the main sources of non-oil income in the country.”
With the promulgation of this regulation, it is expected that the Ecuadorian tourism sector will have a clear and favorable regulatory framework that encourages investment, sustainable development and competitiveness at national and international levels.
Source: Ministry of Tourism of Ecuador.