About 300,000 Ecuadorians would receive e-money

The Internal Revenue Service (SRI) has identified 300,000 potential beneficiaries of the return of one point of the value added tax (VAT) in electronic money, according to its director, Leonardo Orlando.

These are people who have made purchases with credit or debit cards. The Law for the Balance of Public Finances provides such return, and thus, only a 13% VAT would be charged instead of 14%. The SRI strategy will be sending emails to the users reporting them they are beneficiaries. Those who want to receive the refund shall open their virtual accounts in the Central Bank dialing * 153 # and answering the personal questions.

According to the Balance Law and the Solidarity Law, those who make purchases with electronic money will be able to receive the reimbursement of VAT 4 points, ie they end up paying 10% and not 14%. On this subject, Leonardo Orlando said days ago that there have been six processes for the devolution of purchases made between May 20 and June 12 for about $ 80,000 to 20,000 people (an average of $ 4 each one).

Source: http://www.eluniverso.com/noticias/2016/07/11/nota/5684790/300-mil-se-perfilan-recibir-e-dinero