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USE OF ELECTRONIC MONEY DEBATE IN ECUADOR

This is an initiative derived from the effective date, 20 months, of the Code Monetary and Financial, which gives the Central Bank the exclusive function of issuing electronic currency backed by liquid assets ago. Under the current rules, people must open an account at the central bank to give money in exchange for electronic money charged in their cell.

In this context, the last two tax rules give tax incentives for payment of value added tax (VAT), income tax and simplified tax regime (RISE) to transactions with electronic money. In the case of VAT, a refund of the value corresponding to four points of that tax, as long as people use what the collection agency called “cash from my cell” on its website.

Who pay income taxes can reduce the tax base for the calculation, in the period 2017-2019, excluding revenues, costs and expenses incurred with electronic money. Instead, subject to RISE (MSEs) would return 5% of the value to be paid if used, plus an additional 5% for buying and selling electronic money.

2017-09-18T16:21:05+00:00 29/07/2016|Latest news|