Ecuador commits to exchange CRS information by 2020
23/07/2019 - At a meeting in Quito on 23 July 2019, hosted by the Vice-President of Ecuador, His Excellency Otto Sonnenholzner, Ecuador committed to implement the international standard on automatic exchange of financial account information (AEOI) by 2020. This powerful new tool will not only generate additional taxable revenues for Ecuador by allowing it to identify cases of tax evasion but also drive changes in taxpayer behaviour. The Vice-President emphasised the need for Ecuador to also ratify the Convention on Mutual Administrative Assistance in Tax Matters, which would allow Ecuador to exchange tax information with more than 120 partner jurisdictions. The meeting was attended by Ms. Marisol Andrade General Director of Ecuador's Tax Administration and a delegation from the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum), led by Mr. Dónal Godfrey, Acting Head of the Global Forum Secretariat.
The meeting was followed by a number of technical workshops between the Global Forum delegation and Ecuador's Internal Revenue Service to help Ecuador prepare for the implementation of AEOI and prepare for a review of its legal and practical framework for transparency and exchange of information for tax purposes which will be launched in 2020. The Global Forum Secretariat will continue to provide technical assistance support for the Ecuador's Internal Revenue Service as it moves to implement AEOI.
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