The term compliance has taken on strategic relevance within the planning of companies in Ecuador; and in general, at the corporate level in large multinationals, where the culture of risk prevention is becoming more and more transcendental to be able to face the dizzying changes in the market – post-pandemic.
Since it is a compliance management system, adaptable to the needs of those who implement it, since 2019 Spain took a self-regulatory leap, by publishing the UNE 19602 Standard – Tax compliance management systems. In Ecuador, a standard of this type could be developed with the support of Professional Associations, Chambers, and Universities, with the aim of seeking to improve the reputation of companies before potential investors, users of financial statements, regulatory agencies, control, and at the same time, cause the SRI to weigh the audit risk and manage resources where they are really needed. A win-win for the business sector and the State, allowing corporate efficiency by avoiding losses due to time dedicated to answering extensive requirements (usually 3 years ago) and preparing information (generally for 1 year), glosses, interest, fines, surcharges and even fees for experts in the field for the defense of legitimate interests, depending on the case, in the face of an increase in collection due to the control approach in sectors of the underground economy that generate resources from harmful practices such as smuggling, counterfeiting brands and products, and informal sectors with large capital movements.
The key points of a tax compliance standard are based on the definition of a corporate governance policy that minimizes exposure to tax risks, training, training and awareness of employees, risk analysis, financial and non-financial controls, communication channels and , above all, mechanisms for the prevention and detection of tax risks.