1 BGU Undertaking | Third Term Questionnaire

Choose the two correct answers. According to the Constitution, income is described as...

• obtained free of charge, from work, capital or both sources, consisting of money, goods or services

• obtained abroad by natural persons living in the country or by national societies

• obtained free of tax payments

• obtained while laboring on a national business

Taxable Person are Individuals, undivided successions and companies, national or foreign, domiciled or not in the country, that obtain taxable income.

• True

• False

Tax year is annual and includes the period which goes from the 1st from April to February 28.

• True

• False

UTR is a ten-digit number created by the IRS, to which the numbers ___ are added.

• 000

• 001

• 007

• 2024

The two first numbers of UTR correspond to the classification of the ___.

• province

• city

• canton

• street

For a natural person in Ecuador, the requirements to obtain a UTR are the same.

• True

• False

The Simplified Tax Invoice (RISE - Régimen Impositivo Simplificado) was created by the IRS to...

• young entrepreneurs

• big enterprise businesses

• those taxpayers with low sales

• those taxpayers with high sales

A benefit of RISE, is that is not necessary to make monthly VAT declarations - the costs of hiring third parties to carry out the tax returns is avoided.

• True

• False

Match the terms with the correct definitions.

Groups:

(a) Thirteenth Salary

,

(b) Fourteenth Salary

,

(c) Participation of Company Workers Profits

• All workers have the right to receive, until December 24 of each year.

• additional annual bonus, equivalent to a Unified Basic Salary.

• The employer or company will recognize for the benefit of its workers 15% of liquid profits.

The Value Added Tax (VAT) is levied on the value of the transfer of ownership (purchase-sale) or the importation of movable property.

• True

• False