2024-07-17 00:55:50
The Internal Revenue Service (SRI) has enabled a platform with information on the collection of Income Tax for sports predictions. The Government has issued a regulation.
Starting Monday, July 1, 2024, a new tax for sports betting sites will come into effect. This was confirmed by the Internal Revenue Service (SRI), which has enabled a form for this purpose on its website. The deadline for the application of this tax is set out in the tax reform or Law of Economic Efficiency and Job Creation, promoted by the Government of Daniel Noboa and which was approved with 107 votes in the Assembly last December.
In a section of the SRI website, non-resident sports forecast operators can find the procedure for requesting registration in the Single Taxpayers Registry (RUC), requirements and updates, as well as the respective legal basis. This tax is levied on the income received by sports forecast operators made through the Internet or any other means. Its generating event is the receipt of income from an Ecuadorian source for sports forecast activities. Its taxable base is the result of subtracting the prizes paid (with withholding at source) from the income, including commissions; and the rate is 15%.
Rules for sports forecasting companies Changes are also proposed for foreign companies engaged in sports forecasting. These are the rules they must comply with:
Register in the cadastre of the single taxpayer registry RUC.
Provide information for tax purposes to the SRI as dictated by the regulations.
Declare and pay the Single Income Tax for Sports Forecast Operators.
Appoint a representative resident in Ecuador for all purposes arising from the administration of the Single Income Tax for Sports Forecast Operators.
If companies do not comply with the law, the IP address of the website through which the company operates will be blocked. In addition, a fine of up to 30 basic salaries will be imposed. President Daniel Noboa, through Executive Decree 313, issued the regulations for this tax on Thursday. For more details, review the attached document:
By: PRIMICIAS