Ecuador Increases Income Tax Withholding Rates for Insurance, Commercial Leasing, and Other Payments

Ecuador's Internal Revenue Service (SRI) has published Resolution NAC-DGERCGC20-00000030 of 22 April 2020, which provides for an increase in the income tax withholding rate from 1% to 1.75% on payments or credits on account to be made:

• to insurance and reinsurance companies legally established in Ecuador, as well as branches of foreign companies established in Ecuador (on 10% of the invoiced premiums);
• to commercial leasing companies legally established in Ecuador (for both lease fees and …