2012News

National Development Strategy passes in Congress

The Chamber of Deputies passed the National Development Strategy bill yesterday. It now moves to the Presidency for signing into law. The legislation makes the 4% of GDP for education obligatory as of 2013. It also states that the electricity sector needs to increase paid power service levels to 75% as of 2015, 83% for 2020, 85% for 2025 and 87% for 2030. Likewise, it establishes the objective of a reduction in fiscal evasion, and contemplates a comprehensive fiscal reform.