In Ecuador, the Internal Revenue Service (SRI) has mandated that more than 700,000 individuals must file their income tax returns for the fiscal year 2025, with a deadline set for March. This requirement applies to all individuals who earn over $12,081 during 2025, regardless of whether they may owe taxes at the end of the calculation. In its announcement, SRI emphasized that all sources of income must be taken into account, including those that are exempt from tax such as pensions and severance payments.

Additionally, February has been designated as the month for taxpayers to submit their personal expenses for 2025. This aspect is crucial for individuals needing to justify deductions that could lower their taxable income. The SRI has outlined specific categories of taxpayers who are obligated to declare, which include salaried employees who are already having taxes withheld by employers. However, there are certain circumstances where these employees are still required to file an annual return.

The guidelines provided by the SRI not only serve to clarify when and how individuals should file their returns but also indicate the agency's efforts to enhance tax compliance among residents. As the filing deadline approaches, individuals are encouraged to gather all necessary documentation to ensure they meet the obligations and deadlines set forth by the tax authority to avoid penalties.