Posted On 07 May 2016
From May 1 new tax thresholds for travelers carrying foreign currency abroad are in force.
According to the Law for Public Finance Balance, passengers carrying cash up to $ 1,098 per trip are exempt from paying the ISD (tax on Remittances). A 5% surplus of this value shall be paid.
For practical purposes, Juan Miguel Aviles, director of Zone 8 (Guayas) of the Internal Revenue Service (SRI), states that if for example a citizen travels with $ 2,098 in cash, he will have to pay the 5% of the remaining $ 1,000, that is, $ 50.
To do this, there are mainly two options. First, accessing thewww.sri.gob.ec and download form 106 (for multiple payments). The taxpayer fills it and generates a voucher that will have to be paid at the bank. The website suggests another formula: online payment.
Another alternative is airports. Thursday took place a meeting of the IRS and airlines authorities to explain the process. Airlines will remind passengers their obligation to pay the ISD if they take more than $ 1,098 abroad in the case of adults and an upper limit of $ 366 for minors.
If the citizen has not made the payment, he will able to do it in the Duty Free, said Aviles, who adds that a second payment reminder, for those carrying the levied cash, will be done by Migration agents (I).