The Internal Revenue Service (SRI) announced on March 26 that it has started a process to monitor compliance with the Foreign Currency Exit Tax (ISD) for the fiscal years 2022, 2023, and 2024. The initiative targets 221 taxpayers who imported goods totaling USD 363 million, paid directly through loans granted from abroad.
This action follows the identification of cases where imports were settled using financing from foreign financial institutions without declaring or paying the corresponding ISD. Under current regulations, all payments made from abroad by residents or entities domiciled in Ecuador for import purposes are subject to this tax, regardless of whether funds originate from personal resources or international bank loans.
According to SRI, “the tax is generated at the moment goods are nationalized or cleared through customs, at which point it must be declared and paid using the applicable rate for each period.” The agency outlined that taxpayers should use Formulario de Impuesto a la Salida de Divisas (code 4580 – boxes 421 to 425) via its online platform to submit monthly declarations.
SRI urged those affected to voluntarily regularize their tax payments along with any interest and penalties. The agency said timely compliance will help avoid further determination processes and additional charges.
For more information about these procedures and requirements, SRI directs users to visit www.sri.gob.ec.
