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Ecuador expects to join Global Forum on Transparency and Exchange of Information on Tax Purposes

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IRS director says the economic law will not include any measure that affects the poor or the middle-class.
Photo: Twitter IRS

Ecuador’s IRS director Leonardo Orlando said his country expects to join the Global Forum on Transparency and Exchange of Information on Tax Purposes with the aim of fighting tax evasion.

Quito, May 11 (Andes).- Ecuador’s director of the Internal Revenue Service, Leonardo Orlando, said his country firmly fights against tax evasion and expects to be part of the Global Forum on Transparency and Exchange of Information for Tax Purposes, composed of 180 countries committed to fighting against tax havens and evasion.

This will allow exchanging information and requesting it if the country considers it necessary. Ecuador will have access to information automatically starting next year.

Ecuador could join this forum in June following the approval of countries, the National Assembly and the Constitutional Court.

It will make it possible to know which people have trusts or own companies abroad as well as accounts in order to strengthen the fight against tax evasion.

On this matter, he said President Lenin Moreno mentioned this as one of his economic plan’s mainstays as well as efficiency and the fight against tax havens “which will allow traceability on financial movements, access to Ecuadorians’ financial accounts abroad.”

The IRS will request information to Ecuador’s financial institutions on account holders living in several countries.

The difference between such cooperation and criminal assistance is that information can be provided without judicial proceeding only with evidence of tax fraud, said Orlando.

“This is the world’s most advanced and complete instrument to fight tax evasion, there is no other international institution with such level of information,” he added.

Government’s economic program

On the economic program to be presented in the following days, Orlando said it will not include price hikes or any measure that affects popular classes or the middle class.

“The law is still being analyzed. Once this process concludes and it is approved by the president and sent to the National Assembly, we will make the announcement,” he added.

The IRS director affirmed that the economic program will favor the exporting sector to speed up the refund of tax credits.

The law will include incentives to new investments that will be exempted from income tax with the aim of attracting capital from abroad.

Tax collection

Orlando affirmed that results in tax collection show that the goal has been met and an increase of 8.4%.

He noted that in the case of income tax, it increased by 7.2%, 4.3% in value added tax (VAT), 15.1% in tax on currency outflow, 11% in special consumption and 12.8% in the case of other taxes.

Orlando explained that tax collection amounted to a total of 5.2 billion dollars and 4.8 billion from this amount were allocated in the State’s budget. Additional 375 million dollars were collected in comparison to last year.

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