Ecuador Introduces Bill To Prevent Evasion Of IHT
Thursday, November 5, 2015
The President of Ecuador, Rafael Correa, has proposed measures to combat the evasion of tax on inheritance, legacies, and donations.
The proposals, which are contained in a bill submitted to the National Assembly on October 23, 2015, target transfers to foreign or domestic trusts, usufruct agreements, and structures that use companies in low-tax jurisdictions.
A Government spokesperson said at a press conference that the bill does not include any change to the tax burden.
Due to widespread protests earlier this year, the Government was forced to "temporarily withdraw" plans to increase the taxation of large inheritances and lower the minimum threshold for calculating the tax.