August 30, 2019

Reminder of September 2019 Obligations

Tax

Corporate

Reminders

We remind that the following obligations must be met in September 2019:

Payment of third installment – Income tax advance payment:

Corporations, undivided successions, individuals, companies that have executed contracts for exploration and exploitation of hydrocarbons of any type and whose tax statement corresponding to the 2018 fiscal year has evidenced an amount corresponding to income tax advance payment charged to the 2019 fiscal year must pay its third installment in September.We remind you that Decree No. 806 amended the form of income tax advance that must be paid in five equal installments during the months of July, August, September, October and November according to the ninth digit of the Taxpayer Registration Number (“RUC”) or identity card[1].

Payment of the contribution to the Superintendency of Companies, Securities and Insurance:

No later than by September 30, 2019, domestic companies, branches of foreign companies and other entities subject to surveillance and control of the Superintendency of Companies, Securities and Insurance must deposit into authorized banks the amount corresponding to the annual contribution to the Superintendency of Companies, Securities and Insurance.The contribution is fixed by the Superintendency[2] and is calculated on the basis of the company’s real assets. If the company has failed to deliver its balance sheet, the Superintendency may issue a provisional credit document.Companies that until September 30, 2019, have paid at least 50% of the contribution may pay the remaining 50% by December 31, 2019.

Retaining an external audit:

Companies that according to the law are obligated to retain an external audit must comply with this requirement up to ninety days before the closing date of their fiscal year. They must also inform the Superintendency of Companies, Securities and Insurance within thirty days after the contract date of the name, trade name or designation of the individual or corporation retained.Individuals or corporations that perform audits must be duly qualified by the Superintendency of Companies, Securities and Insurance and be registered with the corresponding registry.

Editorial Board