In the Resolution No. 16-006 issued by the Superintendency of Companies, Securities and Insurances by which it is determined the calculation of the annual contribution for 2016 for domestic or foreign companies domiciled in Ecuador and subject to supervision and control. It is established that the value of the annual contribution will be calculated based on the 2015 financial statements. The same should be submitted up to April this year.

For determining the value of payment for annual contribution, it will be taken into account as specified the following table:

Until May 31 the Superintendency of Companies determined the value of contribution for companies that have submitted their financial statements, notwithstanding the absence of these, may issue a provisional credit title.

This resolution provides that the maximum period set for the payment of the annual contribution, is September 30 of this year. However, companies shall embrace from the benefit of payment in two installments, as long as there is a prior authorization from the Superintendency of Companies. The first payment shall be made on at least 50% of the contribution set until September 30, 2016, and the remaining 50% until 31 December of the same year. Otherwise in case of default, the companies will pay the maximum conventional interest permitted by law.