Ecuador's constitutional assembly late on Friday approved a wide-ranging tax reform bill introduced by President Rafael Correa that has put him at odds with influential politicians and business leaders.
The assembly controlled by Correa's party made minor changes to the bill that will force companies to make anticipated payments of their income tax, and impose a 0.5 duty on capital outflows and special levies on unproductive lands.
The new law will also slap a 70 percent windfall tax on future revenues generated by mining companies above a set contractual price, sparking worries in the nascent sector. The same tax, which is not retroactive, will also be applied to oil companies in future contracts.