Sportsbook

Ecuador applies 15% income tax to sports betting houses

Monday 01 de July 2024 / 12:00

⏱ 1 min read

(Quito).- The Government of Ecuador announced last Friday the application of the single income tax, with a rate of 15%, to sports prediction operators based or not in the country.

Ecuador applies 15% income tax to sports betting houses

The Internal Revenue Service (ERI), the institution in charge of tax collection of the State, reported in a statement that starting next Monday, July 1, the single income tax on income received by Operators will be implemented in Ecuador. of Sports Forecasts.

This provision is based on the Organic Decree Law for the Strengthening of the Family Economy, which has been in force since June 20 of last year, explained the SRI.

The tax administration added that the single income tax taxes the income received by sports prediction operators, both residents and non-residents, at a rate of 15%.

“Operators can subtract the prizes paid from said income,” but on which they must have made the respective withholding at source, he added.

Likewise, he stressed that "the players' prizes are also taxed with 15% of the income tax, which will be withheld and paid to the treasury by the sports prediction operators."

The SRI indicated that the regulations of this tax regime will regulate the “mechanisms to declare, liquidate and pay this tax and will establish the tax obligations that must be met.

The regulations consider that operators based in the country must declare the tax in the periods established by law, and that in the event that these companies are located abroad, they must appoint a representative to carry out the tax procedures.

Categoría:Sportsbook

Tags: Sin tags

País: Ecuador

Región: South America