Ecuador applies 0.5% tax on credit transactions to finance cancer care

Ecuador is applying a 0.5% tax on credit transactions

A new policy-making body in Ecuador, which includes the governor of the central bank Diego Martinez, is forcing the general public to pay a tax of 0.5% on every "credit transaction" and is using the funds to finance cancer care.

The Board of Monetary and Financial Regulation and Policy – which includes a number of government representatives, including the minister for economic policy coordination – announced the resolution on October 9.

Under the new rule, financial institutions will charge an a

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