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The president of Ecuador decrees tax rebates to boost the economy

The president of Ecuador, Lenin Moreno, decreed new tax measures, among which there is an exoneration of the payment of the balance of the advance of the tax on the income of the fiscal period 2017, for companies and individuals obliged to keep accounts, the Government reported today.

Quito, Nov 22 (EFE) .- The president of Ecuador, Lenin Moreno, decreed new tax measures, including exemption from the payment of the balance of the advance payment of income tax of fiscal year 2017, for companies and individuals obliged to keep accounts, the government reported today.

In an executive decree, the president stipulated that measure, directed to individuals or companies whose sales or gross annual revenues are equal to or less than $ 500,000, to strengthen their financial position and encourage production and employment, according to a note from the National Communication Secretary.

The presidential provision determines that companies will be exempt from paying the third installment of the tax advance. to the income that had to be fulfilled in April next year, to provide the productive units with liquidity and boost economic activity.

Companies that have sales of up to million dollars will receive a tax deduction of 60% and for firms with sales that exceed that amount, the decrease will be 40%.

Moreno commissioned the execution of the decree to Internal Revenue Service (SRI), the Ecuadorian Treasury.

In October, the president presented a plan to incentivize the country's economy with measures as incentives for the creation of employment, strengthening of dollarization, implementation of electronic money, austerity in the Government, fight against smuggling and tax evasion.

He also announced that it would refund the 25% rate of income tax for companies and eliminate the advance payment for that charge for 82% of the total of companies whose annual sales did not reach the $ 300,000.

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