💣 Ecuador🇪🇨: the tax authority (SRI) introduces a 15% VAT on online betting and gambling

💣 Ecuador🇪🇨: the tax authority (SRI) introduces a 15% VAT on online betting and gambling

This refers to circular NAC-DGECCGC26-00000004, which establishes tax rules for betting, sports predictions, online gaming and streaming broadcasts of sporting events.

🔺 The fact that VAT applied to the distribution or broadcasting of betting is now aligned with the VAT applied to the bets themselves represents a new measure. As a result, the regulation also covers online video games offered via subscription or download, as well as any related content provided by both domestic and foreign platforms.

🔺 More details regarding the tax residency framework:

➡️ If the platform is registered with the SRI or operates from Ecuador, it is automatically responsible for declaring and paying the tax.

➡️ If it is a foreign company without local registration, the bank or credit card provider will withhold the corresponding amount at the time of payment.

➡️ If no financial intermediary is involved, the obligation falls directly on the user, who must declare and pay the VAT independently.

🔺 Context: Ecuador has a population of 18,267,203 and a GDP per capita of USD 11,929. The president is a young leader educated at Harvard, although the country continues to face a range of structural challenges.

➡️ In 2012, Ecuador granted political asylum at its embassy in London to WikiLeaks founder Julian Assange, and in 2013 issued refugee documents to former CIA contractor Edward Snowden. However, Ecuadorian citizens still face limited access to visas for Europe, the Emirates, and other destinations.

#news #Ecuador #gambling #betting

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