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Ecuador Clarifies Initial Deadline for Submitting Report on Final Beneficiaries — Orbitax Tax News & Alerts

Ecuador's Internal Revenue Service (SRI) has issued Resolution NAC-DGERCGC23-00000015, which amends Resolution NAC-DGERCGC22-00000046 concerning the reporting of information on final (ultimate) beneficiaries of legal entities and trusts (previous coverage). The amendments generally clarify the requirements through adjustments in the wording of various provisions. This includes adjustments to the transitional provision regarding the submission of the first annual report on final beneficiaries and members of the chain of ownership, clarifying that the first report must be submitted within 3 months following the date on which the SRI communicates that the process of implementing the Registry of Final Beneficiaries has been completed. Further, taxpayers that are obliged to present the "Annex of Shareholders, Participants, Partners, Members of the Board of Directors, and Administrators", will maintain this obligation until the date on which the Registry of Final Beneficiaries is implemented.