We remind our subscribers that the following obligations must be complied with in July 2018:   Estimate of personal expenses Employers must apply income tax withholding at source for their employees every month. To calculate the withholding, salaried employees must file an estimate of deductible personal expenses in January each year[1]. When an employee believes that his/her estimate of personal expenses will be different to the one submitted in January, he/she may give the employer a new estimate in July or August to recalculate future withholdings.
Payment of the first installation of the income tax advance payment Companies, undivided estates, natural persons and companies with contracts for the exploration and exploitation of oil and gas, who have determined an advance payable for the 2018[2] fiscal year in the 2017 return, must pay the first installation in July.
Declaration and payment of Foreign Money Transfer Tax on profits from exports that will not re-enter the country Taxpayers whose profits from the export of goods and services will not re-enter the country, must declare and pay the accrued annual FMTT in July of the year following the year of the tax return. All individuals or companies, resident or domiciled in Ecuador, who export goods or services during the fiscal year must file the respective tax return even if there is no tax payable.
File the Tax Compliance Report The Tax Compliance Report and its annexes must be filed at the Zonal or Provincial Secretariats of the Internal Revenue Service, in July of the following fiscal year[3]. [1] https://www.pbplaw.com/recordatorio-obligaciones-enero-2018/ [2] https://www.pbplaw.com/recordatorio-obligaciones-abril-2018/ [3] https://www.pbplaw.com/sri-el-informe-de-cumplimiento-tributario-debera-presentarse-en-julio/ 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