Ecuador: Currency Controls on outflow going into effect

Exemption from tax on foreign exchange outflow (ISD) to transactions not exceeding one thousand dollars now only apply for two monthly movements, said the director of the Internal Revenue Service (IRS), Carlos Marx Carrasco. Previously these movements had no limitation. With this resolution, which will be ready tomorrow and will apply from the next week after its publication in the Official Gazette, would seek to prevent transactions being divided and evade the payment of 5% of the tax. Read Article