The collection of inheritance tax will be prescribed in 10 years

The report for the first debate of the bill to prevent circumvention of the income tax on inheritances, legacies and donations is ready.

The Commission on Economic Regim of the National Assembly gave its approval, with seven votes.

This proposal submitted by the Executive in October 2015, limitation and prescription periods of that rate.

The document notes that the obligation and the tax collection action will be prescribed in 10 years. And in 15 years, if it is incomplete or if it is not submitted.

According to the commission, the obligation to declare the tax as a prerequisite for the signing of the affidavit, must be removed from the bill of four sections and a final provision. This proposal slows down those who take their capital out of the country and create trusts to avoid paying this tax.

Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8830668&idcat=38473&tipo=2