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The Commerce and Manufacturing sectors paid the most in ISD

The Commerce and Manufacturing sectors paid the most in ISD

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In the last three years, these two activities have led to the collection of the ISD (Impuesto a la Salida de Divisas – Foreign Currency Outcome Tax), according to the SRI (Servicio de Rentas Internas – Internal Revenue Service).

According to Primicias Ecuador, the government announced that the ISD will be gradually eliminated by the sector. The first companies to benefit will be the airline ones, although their contribution is small.

Likewise, Ecuador’s President, Guillermo Lasso, pointed out on Twitter: “the elimination of ISD for airlines is a great step that allows us to strengthen air connectivity, promote an open skies policy, and make Ecuador more attractive with new routes.”

 According to the note, the collection of ISD in trade activities for the first half-year of 2011 has meant USD 272 million, which is equal to 49% of the total collection, especially, of that tax.

In addition, it is followed by manufacturing activities with USD 140 million, financial and insurance activities with USD 29 million, mining and quarrying with USD 19 million, and agriculture with USD 18 million.

According to the IRS, they have barely represented 0.7% of the ISD collection on the collection of the airlines in the first half-year of 2021.

“Airlines are part of the economic activity of transportation and storage, collecting the IRS by way of USD 17 million between January and June 2021,” Primicias said.

In this regard, as the fiscal year 2020 was a year hit hard for the airline industry by the pandemic, the elimination of the ISD was provided to boost tourism and fortify the airline industry.

Now, the president’s announcement occurred on July 30, but there is no decree on the aforementioned elimination as of August 23, so the present measure is in expectation.

Source: Primicias 26/08/21

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