Ecuador’s Internal Revenue Service (SRI) has introduced Resolution NAC-DGERCGC24-00000033, outlining the Report of Final Beneficiaries and Corporate Composition (REBEFICS) requirements. It mandates all Ecuadorian companies, as well as foreign branches and trusts managed in Ecuador, to report their final beneficiaries and corporate structure.
The REBEFICS consolidates previous reporting requirements, including the identification of final beneficiaries—individuals who own at least 10% of a legal entity or exert control. Companies must provide detailed information about shareholders, board members, and other decision-makers, including names, tax IDs, residency status, and ownership percentages.
The report is to be submitted electronically to the SRI, with deadlines based on the last digit of the tax ID (RUC), falling between 10 to 28 February every year. Companies that fail to comply will face penalties, including a potential increase in the corporate tax rate by 3% on their taxable base.
The resolution is effective from 30 September 2024, and it repeals earlier provisions regarding corporate composition but retains those related to final beneficiaries.
