Are you late to declare your assets?
The Ecuadorian tax administration, SRI, updated its policy on taxable assets in Ecuador on December 31st, 2020. The law declares that any Ecuadorian resident including foreign individuals with assets valuing over $224,240 must declare their assets to the SRI. Those in marital or common-law partnerships must declare if their assets value over $448,480*
This obligation applies to even those who do not take part in economic activity.
What if I don’t declare?
Making a declaration before June, 2021 will avoid fines and penalties. Failure to comply with this obligation on time will result in a sanction which can range from $30 to $1,500.
What action can I take?
If you haven’t filed your Assets Declaration on time, contact your tax advisor team as soon as possible so that they can advise you on the best course of action. Jacqui Guerrero from G&G -Tax and Accounting Advisors, will be pleased to assist you promptly. Now is a good time to bring your tax affairs up to date before it becomes too costly to do so.
Call her asap.
*If you are worried about the privacy of your information, by law, the SRI will use this information for control purposes only and all information provided will be strictly confidential.
Alfonso Borrero y Rafael Ramirez, Fontana Di Leandra Building first floor
+593 98 426 1679