Expat Community > Ecuador

booby
Joined 2010
Posts: 1336

Freedom?

12 years ago

IRS limits number of tax-exempt foreign money transfers
Posted By Admin | Published: September 4, 2012 00:43

Ecuador’s IRS has announced it will enforce a limit of two $1,000 transactions per month, per person on money being transferred out of the country. In the past, there was no limit on the number of outflows, mostly in the form of wires, of $1,000 or less, which are exempt from the 5% exit tax imposed in 2009.

The tax office also said that the 5% exit tax will be applied to Ecuadorian credit card accounts for purchases abroad, without the $1,000 exemption.

There is no change to the $ 9,720 limit on funds that travelers can take out the country.

According to IRS director Carlos Carrasco, the new rules will have a limited affect. “The number of people wiring more than $2,000, in $1,000 increments, out of the country each month is very small. We simply want to insure that the system is not abused.”

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