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SRI will access taxpayers' financial information

SRI will access taxpayers’ financial information

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The Global Forum on Transparency and Exchange of Information for Tax Purposes stated that the SRI (Servicio de Rentas  Internas – Internal Revenue Service) may access international banking information of taxpayers in Ecuador to reduce levels of tax evasion and tax avoidance. 

The Director-General of the SRI, Marisol Andrade, pointed out that “this is because the SRI already complies with international security and confidentiality standards necessary for the automatic exchange of information on financial accounts in other countries of taxpayers resident in Ecuador.”

In this regard, SRI may access ownership of assets, income, financial statements, bank or financial accounts, contracts, and transactions made abroad, among other information. 

Likewise, the Tax Administration must strengthen its control processes since it will access a great amount of sensitive information from taxpayers. The SRI must act with the minimum guarantees of due process to ensure that taxpayers’ rights are not violated.

At a glance, it is easy to find differences between what taxpayers can report and the reality. This will generate sanctioning processes for those cases in which the tax regulations are violated.

It is expected that these measures will reduce tax evasion and avoidance, making taxpayers more diligent with their tax plans. 

To listen to the full declaration of the Director of the SRI, follow the below source:

Source: SRI Ecuador Twitter 15/09/21

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