Declaring Assets in Ecuador
The Ecuadorian tax administration recently updated its policy on taxable assets in Ecuador. The new law declares that any Ecuadorian resident with assets valuing over $216,000 in 2015 must declare their assets to the SRI (El Servicio de Rentas Internas). Those in marital or common-law partnerships must declare if their assets value over $432,000. However, if one of the partners is economically active outside of the marriage or union, the declarations must be made individually.
This obligation applies to domestic and foreign individuals who are residents of Ecuador, even those who do not take part in economic activity.Failure to comply with this obligation on time will result in a sanction in violation of the provisions of the Tax Code, which can range from $30 to $1,500. Paying the penalty does not exempt one from the obligation to file the declaration of their assets.
By law, the SRI will use this information for control purposes only and all information provided will be strictly confidential.