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☛ EN Advice Taxes in Ecuador
    

Discussion in 'Ecuador' started by texkourgan, Jul 11, 2013.

  1. texkourgan

    texkourgan Addicted member
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    When working and/or living abroad, it is usually necessary to pay taxes in that country.

    Do you pay taxes in Ecuador? What are the main types of taxes (direct and indirect taxes)? What is the tax rate? Do you consider taxes high, low, or fair? :confused:

    Is it necessary to report at certain times of the year in Ecuador? Are taxes deducted at the source?

    Are there any dual tax agreements between Ecuador and your country?

    Thank you for sharing your tips, questions and advice!
     
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    #1 texkourgan, Jul 11, 2013
  2. jschinsky

    jschinsky New Member

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    Sorry, this is not so much a reply as it is a piggy-back question.

    My current income is US Military Retirement (taxable in the US), and
    VA Disability compensation (Not taxable in the US)

    Does anyone have anything I should know about any takes that may pertain to these sources of income?

    Additionally, I am just about close enough to start withdrawing regular disbursements from a State-run retirement fund. I think this money was pulled out of my check pre-tax, but I'm not sure. Additionally, once I apply for benefits, the state will automatically ADD an additional 50% to the total in my account. If I'm a resident of Ecuador and I decide to cash this fund in early, will the US still subtract a huge tax penalty because I'm not 60 yet, or, a)Will I be able to keep it all without paying taxes and penalties to the US, or b) Will I have to pay taxes on this amount to Ecuador? I'm not sure if it makes a difference, but this is a qualifying retirement account, normally subject to the same rules as a 401k if withdrawn early in the US.

    Thanks in advance for any help..

    J
     
    #2 jschinsky, Oct 18, 2013
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