Ecuador: New receipt requirements on purchases of $20 and over

telegrafo.com reported: In January 2015, buyers of merchandise over twenty dollars will be required to provide their name and identification to sellers on the invoice. Previously, the threshold was $200. This new Internal Revenue Service requirement is issued under Executive Decree 539 and was published in the official record of 407. The purpose of this reform was to lower the reporting amount to tax authorities. Starting this month, it is obligatory to taxpayers that emit and provide invoices for amounts equal to or greater than $20 to fill data of the buyer, as it met the revenue internal service (SRI). Until 2014 the amount which is needed to identify to the recipient was $200.

THINKING OF MOVING TO ECUADOR? READ THIS BOOK

The decision is based on the 539 Executive Decree, published in the official record 407, of the 31 December 2014, in which to reform the minimum amount for issuing invoices with data.The invoices for purchases of over 20 dollars are required to contain the name or business name of the buyer along with the identification number or RUC. They are not required for water, electircity, telephone, TV, Internet or cellular phone bills. Receipts must be issued for any purchase of $4 dollars or more. Read Article