The Senate's Hacienda Commission approved the National Reconstruction bill on Monday with three ruling-party votes and two against. The text is now ready for a floor vote, possibly on Tuesday or Wednesday.
With three votes in favor from the ruling coalition and two against from the opposition, the commission dispatched most articles of the bill. Finance Minister Jorge Quiroz welcomed the progress and said the core axes had been approved.
The text includes tax stability by investment brackets: ten years for projects between US$50 million and US$100 million, fifteen years for those between US$100 million and US$350 million, and twenty years for investments of US$350 million or more. It also sets the corporate tax rate at 23%.
The opposition announced it will file a constitutional challenge before the Constitutional Tribunal over the tax stability clause. Senate committee leaders will meet at noon on Tuesday to decide whether the floor vote moves to that day or stays on Wednesday.
