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Ecuadorian Taxes

Visitors to Ecuador should expect to pay 12 percent value added tax (IVA) to most goods and services. Usually the tax is included in the price quoted, although in some restaurants and hotels it may not be. Drugs, food products in their natural state and veterinary products are tax-exempt.

Property tax is significantly cheaper in Ecuador than in many other countries and is usually only 2-2.5 percent of the assessed value of the property, though rates vary from city to city. To pay these taxes, the owners or someone acting on their behalf, must go and pay at the Distrito Metropolitano of the city where the property is owned. Obviously, you must bring the Número de Predio, or official house registration number, with you. The process normally takes an hour including waiting time.

The Ecuadorian government taxes individuals and businesses only on money earned in Ecuador. The scale ranges from 0 percent to a maximum of 35 percent, depending on your income. The standard corporate income tax is 23 percent. Like Ecuadorians, foreigners living in Ecuador must file through SRI (URL: www.sri.gov.ec), the Ecuadorian Internal Revenue Service. Although it’s possible to file on one’s own, if you do not speak Spanish fluently and own your own business, or have a complicated filing, it’s best to get help from an accountant. Refunds can be directly deposited into bank accounts if the person meets certain requirements.

On sums of money over $1,000 leaving the country for a foreign bank account, a five percent expropriation tax is levied. This is to prevent capital flight.

Here are some related tips to help plan your trip to Ecuador: Politics, Business Hours and Ecuador's Economy.








01 Nov 2013






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