Ecuador’s SRI has issued Circular NAC-DGECCGC26-00000003 confirming that VAT at 15% applies to habitual financial services, including card transaction fees, money transfers, digital payments, and related commissions across the national financial system.
Ecuador’s Internal Revenue Service (SRI) has issued Circular No. NAC-DGECCGC26-00000003 on 31 March 2026, clarifying the application of Value Added Tax (VAT), referred to as IVA, on financial services, commissions, and related charges.
The circular confirms that VAT applies to all habitual services provided by financial institutions, including commissions, charges, and fees arising from financial operations. It also confirms that the standard VAT rate remains at 15% for the 2025 and 2026 period, following executive decrees and recommendations from the Ministry of Economy and Finances.
The clarification applies to the entire national financial system, including public, private, and popular and solidary sector entities such as cooperatives and savings banks.
Under the rules set out in the circular, the following financial services are explicitly subject to VAT at 15%: charges and commissions linked to card transactions for purchases made by customers, whether payment is immediate or deferred with or without interest; fees for national interbank and international money transfers; charges for interbank payments through mobile platforms and online transfer systems; and any commissions or user fees charged directly to clients, partners, or users.
Financial institutions are designated as “agentes de percepción” (collection agents) and are required to liquidate VAT on all taxable operations, declare and pay the tax to the state, and issue sales receipts (comprobantes de venta) when the service is rendered or when payment is received or credited.
The SRI retains the authority to conduct audits and compliance checks to ensure the correct application of VAT rules across financial entities.
