Tax remission will generate $ 600 million

Ecuadornews:

The Internal Revenue Service estimates a collection of $ 600 million for tax remission during 2018. This issue is part of the Law of Productive Development that is analyzed in the National Assembly and “will not forgive or forgive debts to evaders and large taxpayers, “said María Sol Andrade, director of the IRS.

The first remission process was done 47 years ago. Now it has a great differentiation: there are two different terms for companies according to their size. Large taxpayers will have to pay 100% of their capital within 90 days, while small and medium entrepreneurs who cannot do so at that time, will have access to payment facilities to pay these values up to two years. Of the beneficiaries, 80% are micro and small taxpayers.

“We hope that this particular will be approved in the coming days.” Andrade stressed that the bill maintains the deduction of personal expenses and does not eliminate the exemption of the thirteenth and fourteenth remuneration, for those taxpayers whose total income, less costs and expenses, are up to $ 100,000.

On the gradual elimination of the Foreign Exchange Exit Tax, Andrade explained that it will be gradual after the ruling entity’s opinion. “We will do it in the later and in agreement with the respective report that comes from the Ministry of Economy”.

The advance of Income Tax  is not eliminated, nor the form of calculation. “What is eliminated is the minimum tax, which is the excess with respect to this basic concept,” he clarified. From January to May the entity raised $ 6,500 million, which reflects a growth of 10% over the previous year.

This year it expects to reach $ 13,600 million. Andrade gave these statements in the framework of the election of the Board of Directors of the Business Committee, where Patricio Alarcón Proaño was ratified as president for the period 2018 -2019. (I)

Source: https://www.eltelegrafo.com.ec/noticias/economia/4/sri-remision-tributaria-recaudacion-ecuador