Chambers Latin America 2018 has once again highlighted PBP’s marked leadership in Ecuador
Chambers Latin America, publication specialized in the analysis of global legal markets, has distinguished our team in the seven practice areas ranked in Ecuador. PBP is the only Ecuadorian law firm ranked in Tier 1 in Corporate and Commercial and Real Estate. Our Dispute Resolution, Tax, and Energy and Natural Resources practices have also been ranked in Tier 1. The Intellectual Property and Labour & Employment areas have also been highlighted. 16 of our lawyers have been ranked as “leading lawyers” or “next generation lawyers”. We endeavor to keep working with relentless drive, teaming up with our clients, developing our capabilities, and contributing to the community through our pro bono work. In addition, Chambers Latin America has described our professional team as follows: “Highly distinguished team offering counsel to domestic and international clients on a wide range of corporate issues, including cross-border M&A. Also advises on complex financial and capital markets transactions including sovereign bond issuances. Further expertise includes banking and finance and merger control matters.” “Prestigious firm advising companies on arbitration and litigation cases. Possesses high-level capabilities representing clients in a wide range of complex disputes, including investor-state and international commercial arbitration under UNCITRAL and ICC rules.” “Esteemed firm offering considerable expertise spanning oil and gas, mining and power. Team is regularly sought out by clients to act as counsel on asset purchase agreements and project financings, particularly in relation to upstream oil and gas operations.” “Distinguished firm with revered experience providing tax advisory and litigation expertise to domestic and international market players. Strong bench of lawyers offher expertise in tax planning, administrative claims, tax implications of PPP projects and double taxation treaties.” Warning: This newsletter by Pérez Bustamante & Ponce is not and cannot be used as legal advice or opinion since it is merely of an informative nature.
The Legal 500 has reaffirmed PBP’s leadership in the Ecuadorian market
The Legal 500, a prestigious publishing organization that analyzes the performance of law firms, has reaffirmed PBP’s leadership in the Ecuadorian market. Seven of our practice areas have been ranked in Tier 1, while our banking and intellectual property areas have been described as “outstanding” and “very good … absolutely reliable”, respectively. Furthermore, 26 of our professionals have been highlighted by The Legal 500, while six have been ranked as Next Generation Lawyers. This new performance analysis encourages us to continue to provide specialized services to our clients, pursue pro bono work through Fabián Ponce Ordóñez Foundation, enhance the training of our professionals, and consolidate our diversity and inclusion values. Warning: This newsletter by Pérez Bustamante & Ponce is not and cannot be used as legal advice or opinion since it is merely of an informative nature.
Reminder of September 2017 Obligations
We remind our subscribers that the following obligations should be met in September 2017: TAX:Payment of second installment of advance income tax:If a corporation, undivided estate or individual, or a company that has executed a contract for exploration and exploitation of hydrocarbons under any contract form, has entered an amount for advance income tax payable for fiscal year 2017 in their tax return for fiscal year 2016, they shall pay the second installment in September pursuant to the relevant schedule.Filing of 2017 Assets and Liabilities Annex by corporations and permanent establishmentsCorporations and permanent establishments should file the Assets and Liabilities Annex for fiscal year 2017 in September, pursuant to the relevant schedule. We remind you that beginning this year, corporations and permanent establishments having total assets or liabilities located abroad that exceed five hundred thousand U.S. dollars should file the Assets and Liabilities Annex every year, in May of the fiscal year in respect of which such information is provided. Schedule for Performance of Tax ObligationsNinth digit of RUC number Due Date1 September 102 September 123 September 144September 165 September 186 September 207 September 228 September 249 September 260 September 28CORPORATE:Payment of contribution to the Superintendency of Companies, Securities and Insurance:By September, 2017, domestic companies, branches of foreign companies, and other entities subject to surveillance and control by the Superintendency of Companies, Securities and Insurance should deposit with authorized banks their annual contribution to the Superintendency. The amount of the contribution is determined by the Superintendency and calculated on the basis of the company’s assets. Credit instruments are issued to the companies so that they may make the relevant deposit and provide the deposit receipt to the Superintendency. For companies that have not submitted their balance sheets, the Superintendency may issue provisional credit instruments. Companies that pay at least 50% of the contribution by September 30, 2017 may pay the remaining 50% by December 31, 2017.Procurement of external audit services:Those companies that are required by law to procure external audit services should do so no later than ninety days prior to the end of the fiscal year. They should also provide the Superintendency of Companies, Securities and Insurance with the name or corporate name of the individual or firm hired for this purpose within thirty days following the date of the relevant service contract. Individuals and firms hired to provide audit services shall have been qualified by, and registered with, the Superintendency of Companies, Securities and Insurance.Submission of studies for calculation of reserves for services rendered and not reported by companies that finance prepaid comprehensive health care servicesCompanies that finance prepaid comprehensive health care services should submit studies for calculation of reserves for services rendered and not reported. Such reserves shall be calculated and updated every six months and shall be amortized on a monthly basis over a 36-month period. The amount of the reserve is determined according to the evolution of the historical behavior of the events occurred. The historical information concerning events occurred should be classified for each month by occurrence, including a monthly summary of reports and a monthly summary of payments, for which purpose a monthly database should be created for a period of at least twelve months. However, companies that do not have a high loss frequency or do not have sufficient statistical information may choose to apply other methodologies, which should be properly justified, notified and submitted for approval to the Superintendency before being entered in their accounting records.  http://www.pbplaw.com/recordatorio-de-las-obligaciones-de-abril-de-2017/  http://www.pbplaw.com/nuevo-anexo-de-activos-y-pasivos-de-sociedades-y-establecimientos-permanentes/  http://www.pbplaw.com/superintendencia-de-companias-valores-y-seguros-monto-contribucion-2017/