The Internal Revenue Service seeks more resources in the professional sector

Ecuadornews:

Freelance professionals, whose gross income exceeds USD 300 000 per year, will be obliged to maintain accounting records. With this provision, they will have to structure their income and expenses system, but they will also pay the advance of the income tax as companies do. The provision is part of the bill to Promote the Economic Reactivation of Ecuador, which is analyzed in the Legislature.

The reform includes other taxpayers such as commission agents, craftsmen, agents and other self-employed workers. The regulation seeks that professionals become retention agents of all purchases of supplies related to their activity. (I)

Source: http://www.elcomercio.com/actualidad/sri-renta-recursos-impuestos-economia.html