SRI detects irregularities in the vehicular trade

The Internal Revenue Service (SRI for its Spanish acronym) warned on Monday, September 15, on the income and marketing of vehicles in an irregular manner through the use of intermediaries and nominees. According to the organization, fake invoices and documents are being used to alter prices and decrease the payment of trading taxes of vehicles in Ecuador.

The SRI convened the National Customs Service of Ecuador (SENAE for its Spanish acronym), the Security Coordinator ‘s Ministry, the General Attorney of the State , the Superintendence of Companies, the National Transit Agency and the National Council Against Money Laundering, to analyze joint actions of the problem.

The different institutions are seeking that vehicles with blank contracts are not bought or sold, which should not prove illicit ownership or tenure.

Likewise, that new or used vehicles are not bought with unusual price difference, off-market prices or by payment in cash, because such transactions may constitute evidence of irregular import, illicit origin of the property or money laundering.