Accounting in Ecuador: standards, taxes and GoSoft
Accounting guide for Ecuador: Internal Revenue Service (SRI), IVA 15 %, accounting framework, books, e-invoicing, tax returns and how to set up GoSoft.
Key facts
| Item | Detail |
|---|---|
| Tax authority | Internal Revenue Service (SRI) |
| Currency | USD · US dollar |
| Tax ID | RUC |
| Consumption tax | IVA · 15 % |
| Income tax | Corporate income tax of 25 %. |
| Fiscal year | Calendar year (January 1 to December 31). |
| E-invoicing | Electronic vouchers authorized by SRI (invoices, withholding receipts, credit notes, waybills). |
Accounting framework
Full IFRS or IFRS for SMEs according to the Superintendency of Companies, Securities and Insurance.
Chart of accounts
Companies report using the Superintendency of Companies' chart of accounts.
Financial statements
In Ecuador the four statements are presented with these names (GoSoft uses them in its reports and PDFs):
- Statement of financial position
- Statement of comprehensive income
- Statement of changes in equity
- Statement of cash flows
Mandatory books and records
Monthly Simplified Transactional Annex (ATS) with purchases, sales and withholdings, besides the accounting books.
Periodic tax returns
Monthly VAT (Form 104), monthly withholdings at source (Form 103) and annual income tax.
What you need to know
- General VAT 15 % since April 2024; 0 % on basic goods.
- When paying, the buyer issues an electronic withholding receipt (income tax and VAT).
Taxes and withholdings in GoSoft
These are the reference taxes and withholdings GoSoft loads for Ecuador. You adjust them in Taxes and withholdings (rate, minimum base and ledger account).
| Code | Name | Type | Applies to | Rate |
|---|---|---|---|---|
IVA15 | VAT 15% | VAT | sales and purchases | 15 % |
RET-RENTA-BIENES | Income tax withholding · goods | Income | payments to suppliers (withholding) | 1.75 % |
RET-RENTA-SERV | Income tax withholding · services | Income | payments to suppliers (withholding) | 2.75 % |
RET-RENTA-HON | Income tax withholding · professional fees | Income | payments to suppliers (withholding) | 10 % |
RET-IVA-BIENES | VAT withholding · goods | VAT | payments to suppliers (withholding) | 30 % |
RET-IVA-SERV | VAT withholding · services | VAT | payments to suppliers (withholding) | 70 % |
RET-IVA-HON | VAT withholding · fees | VAT | payments to suppliers (withholding) | 100 % |
How to set up GoSoft for Ecuador
In My company, choose the country Ecuador and the currency USD.
When you log in again, GoSoft shows Updating the accounting setup for Ecuador: it codes the chart of accounts, loads the country's taxes and checks the settings. It happens only once.
In Chart of accounts → Options, review the coding and download the chart as a PDF for your accountant to approve.
In Financial reports → Taxes and withholdings, confirm the rates and choose the ledger account for each tax.
Record activity (manually or from the modules) and use Tax returns to prepare each period's drafts.
Rates and deadlines change. Before filing, confirm what is current at Internal Revenue Service (SRI) and with your accountant.