The term compliance has taken on strategic importance in business planning in Ecuador and, in general, at the corporate level in large multinationals, where a culture of risk prevention is becoming increasingly important in order to cope with the rapid changes in the post-pandemic market.
As a compliance management system that can be adapted to the needs of those who implement it, Spain took a leap forward in self-regulation in 2019 with the publication of the UNE 19602 standard on 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 improving the reputation of companies in the eyes of potential investors, users of financial statements, and regulatory bodies, while at the same time encouraging the SRI to weigh the risk of auditing and resource management where it is really needed. This would be a win-win situation for the business sector and the state, allowing for corporate efficiency by avoiding losses due to time spent responding to extensive requirements (usually from three years ago) and preparing information (generally for one year), as well as penalties, interest, fines, surcharges, and even fees for experts in the field to defend legitimate interests, depending on the case, This is in contrast to an increase in revenue collection due to the focus on control in sectors of the underground economy that generate resources from harmful practices such as smuggling, counterfeiting of brands and products, and informal sectors with large capital movements.
The key points of a tax compliance policy are based on defining a corporate governance policy that minimizes exposure to tax risks, employee training, education, and awareness, risk analysis, financial and non-financial controls, communication channels, and, above all, mechanisms for preventing and detecting tax risks.
