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LatinNews Daily - 08 April 2021

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In brief: Ecuador and US sign tax information exchange agreement

* The governments of Ecuador and the US have signed a tax information exchange agreement (TIEA) to facilitate the exchange of information on corruption, money laundering, and other criminal activities, as well as to help the governments of both countries to assess the impact of their tax policies. The TIEA, which was signed by the director general of Ecuador’s internal revenue service (SRI), Marisol Andrade, and the US ambassador to Ecuador, Michael Fitzpatrick, will permit the US and Ecuador to mutually assist each other in the application of national tax laws, according to a statement from the US embassy in Quito. Andrade said that the TIEA “opens the possibility of cooperative taxation between both tax administrations in order to strengthen fiscal transparency, as well as increasing tax earnings and providing international assistance in the struggle against tax evasion”. Fitzpatrick said that it will “promote greater cooperation” between the US and Ecuador, and is an example of both countries’ commitment to transparency and the rule of law.