So far at least 270 taxpayers have regularized $812 million of assets through the Single and Temporary Tax Regime for the Regularization of Assets Abroad (RIVUT), which was established in the Economic Development Law in November 2021.
Assets in other countries, whose origin has been income taxed with unpaid income tax or from operations that did not pay foreign currency outflow tax (ISD) until December 2020, still have the possibility of benefiting from the RIVUT until December 31, 2022. Until that date, the regularization of assets is expected to reach assets for more than $1,000, reported Francisco Briones, Director of the Internal Revenue Service (SRI).
He also clarified that at the moment The ruling of the Constitutional Court has not yet been published in the Official Gazette that declared the unconstitutionality of certain articles of the law and with this, in some way, placed restrictions on the regularization regime since it left aside the exemption from prosecution of criminal offenses in tax matters.
However, at the moment this exoneration is still is valid, as it will only become effective when it is published.
The official explained that “after processing the information obtained from the member countries of the Global Forum on Transparency and Information Exchange, the Internal Revenue Service is carrying out controls on tax residents in Ecuador with financial accounts abroad”.
It is that between 2021 and 2022, Ecuador has received information from more of 70,000 financial accounts of Ecuadorians abroad through automatic exchange. This information comes from more than 120 countries, including Panama.
The purpose of this first stage of control is to achieve the regularization of these assets. Once the owners of the accounts have been identified, the SRI has notified taxpayers of their situation through appearances and electronic notifications.
Briones also said that in the coming weeks the controls will continue, and these will intensify as of 2023 with the information that the United States will provide. “With these actions, the SRI strengthens the fight against tax evasion and promotes a change in the behavior of taxpayers with a view to voluntary and timely compliance with their tax obligations,” he added. (YO)
Source: Eluniverso
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