Learn how Ecuador has modified some of its accounting obligations for companies due to the current situation and economic uncertainty facing the country. Ecuador, like many other countries, has been affected economically, politically and socially by COVID-19. However, despite the current situation and existing restrictions, companies operating in the country have continued their commercial activities and must comply with the accounting obligations established by the government. The Ecuadorian government has taken a series of measures and issued important resolutions on accounting obligations in Ecuador in order to support entrepreneurs and prevent them from going bankrupt. President of Ecuador Lenin Moreno has announced economic measures focused on outlining the financial steps to sustain business and the economy during the pandemic. Economic measures in place During the last months, President of Ecuador Lenin Moreno has announced economic measures focused on outlining the financial steps to sustain business and the economy during the pandemic. These measures include: US$4 billion reduction in public spendingThe single tax on vehicles with an appraisal greater than US$20,000 must pay a contribution of 5% of the appraisal value.Creation of a fund for loaning to small and medium-sized companies at 5% interest, with a 3-month grace period and a 36-month term.Merge the Ministries of Telecommunications and Transport Additionally, Lenin Moreno announced that Ecuador received an international collaboration for around US$60 million as exclusive funds to face the needs that have...