To take advantage of the tax credits or tax credits on purchases over $500, payment will need to be made by electronic transfer, using credit or debit cards, checks, money orders, or any other electronic payment method.
Art. 25 of the Law on Economic Efficiency and Employment, sent by the President of the Republic, Daniel Noboa, and approved by the Assembly, establishes “the obligation to use any institution in the financial system for payment”.
“In order that the cost or expenditure for each case deemed to be greater than five hundred dollars may be deducted for the purpose of calculating the income tax and the value added tax credit, the use of any means of payment is specified above, with proof of which and the corresponding receipt the acquisition will qualify for a deduction or tax credit,” according to the approved rule, which took effect on December 20, 2023.
The Law on Economic Efficiency has already been published in the Official Register, these are changes to taxes and regulations that come into force
This is to encourage electronic payment methods, the use of which increased during the quarantines due to the COVID-19 pandemic.
Even the so-called Nobo tax reform includes one for non-delivery of sales receipts.
Natural or legal persons, residents of the country, who do not submit sales invoices or do not submit electronic sales invoices to the Tax Administration, as appropriate, will be fined from 1 to 30 unique basic incomes of workers in general. (up to $13,800). The application of this sanction will be regulated by a general decision made by the Tax Administration.”
“In the event that the said violation occurs flagrantly, for the application of the sanction it will be sufficient to verify the non-delivery of the invoice or the absence of transfer by the official appointed for this purpose by the Tax Administration. Internal Affairs, which under its responsibility will draw up evidentiary records that will publicly prove the observed violation,” according to Art. 26 of the legal framework published in the Official Register on December 20, 2023.
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Source: Eluniverso
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
