SRI Established Maximum Amounts for ISD Exemption

Foreign Exchange Outflow

In the resolution of September 6, the Internal Revenue Service (IRS) introduced new limits for tax exemptions to foreign exchange outflow (ISD for its Spanish acronym).

The institution stated that the money is sent abroad ISD will not pay, provided they do not exceed one thousand dollars and is the only transaction made the past fortnight.

According to Article 158 of the Law Amending the Tax Equity Ecuador, Tribute taxed transactions of individuals, private companies or undivided that transfer or send money abroad in cash or through checks turns, transfers, postings, retirements , or any payments made with or without financial intermediation.

They are exempt from ISD, Ecuadorian and foreign citizens to leave the country while carrying a fraction of true duty basic income tax that, for 2012, is $ 9,271.

(BG)