REDEEMABLE QUOTAS ON BEHALF OF THE EXPORTATION AND INVESTMENT PROMOTION CORPORATION "CORPEI"

Article 18 of the Exterior Trade and Investment Act "LEXI", establishes the creation of CORPEI as a private law artificial person, without lucrative purposes, which main aim is promoting the Ecuadorian exports and attract national and foreign investment to the productive sectors of the country.

For the accomplishment of CORPEI's functions, among other sources, the LEXI's literal e) of article 22 establishes the following redeemable quotas:

- These redeemable quotas shall be paid by goods and services exporters when selling currencies to banks or private finance companies authorized by the Superintendence of Banks to operate in the unofficial exchange market.

These values shall also be paid and collected in the event of advanced selling of currency for future exports.

• These redeemable quotas shall also be paid in barter transactions by both the importer and the exporter.

• In temporal exports for outward processings or reimport in the same state when reimports have not been performed during the term foreseen in the General Regulation to the Customs Organic Act, the redeemable quota will be paid during the currency sale which shall be carried out within thirty days after the date established for returning the merchandise to the country.

• Banks and finance companies must obligatorily verify that contributions fit the exporting amounts, and collect those values related to redeemable quotas when the exporter sales currencies according to the "CORPEI's contribution declaration-coupon" that he/she shall fill in and present in a previously designed printed form to be obtained when acquiring the FUE (Unique Exporting Form).

The payment of values related to this contributions must be performed by merchandise and services importers from both the public and private sectors, while presenting the tax auto-liquidation or reliquidation in the DUI (Import Licensee Form), Customs Declaration, (form C), in those banks authorized by the Ministry of Finance and Public Credit for collecting the customs taxed and according to the CORPEI's contribution declaration-coupon that the importer shall present in a previously designed printed form to be obtained when acquiring the DUI.

The redeemable quotas originating from imports entered in the country under the Rights Suspensive Regime included in the Customs Organic Act, shall be paid when declaring the import to consumption.

All exports that use inputs or materials protected by such regime shall pay contributions to CORPEI according to what is established by law.  These contributions shall not be paid by merchandises and printing forms performed by courier companies or parallel posts for third parties which enter the country protected with Simplified Customs Declarations.

The authorized banks must obligatorily verify that contributions fit the importing amounts based on the FOB value of an import performed, which value will be pointed out by the importer in the CORPEI's contribution declaration-coupon.  Otherwise, the banks will refrain from accepting the corresponding tax liquidation.

Once performed the corresponding takings the bank shall give the taxpayer the respective coupon for the redeemable quota value, which will have validity just upon the printing certification of the finance company that receives the payment.

REDEEMABLE QUOTAS' FORM OF PAYMENT:

The CORPEI's redeemable quotas, except those originating from crude oil and its derivatives exports, will be paid in cash, authorizing an automatic debit from the banking account, or certified cheque.  All the checks must be drawn against the banking institution which processes the takings or against CORPEI.

QUOTATIONS FOR CALCULATING AND PAYMENT OF REDEEMABLE QUOTAS:

In the case of contributions corresponding to the private sector exports, the quotation to be applied will be the one agreed for currency sale.  (The exchange rate have been fixed at 25,000 sucres per dollar, and under the dollarization system there is no a currency sale system, but the currency deposit voucher.)

In the case of those contributions corresponding to imports, the quotation to be applied will be the one used for the liquidation of customs taxes, i.e., the sales quotation of the BCE, in force at the moment the DUI was presented.

REDEEMABLE QUOTA COUPON AND CONTRIBUTION CERTIFICATES OF CORPEI:

The banks and finance companies shall issue and deliver to taxpayers the corresponding redeemable quotas coupons according with the CORPEI's form.  Such coupons will have validity just upon the printing certification of the finance company that receives the payment.

Then CORPEI shall swap coupons for the CORPEI's contribution certificates once taxpayers have accumulated and presented such coupons for an amount of US$ 500 or more.

These certificates shall be issued: a) Dated the last contribution performed; b) In U.S. dollars; c) in the CORPEI's form; d) Will be redeemable starting from a period of ten years.  These certificates are  endorsable.

CORPEI shall keep a register and control of the issuance of Contribution Certificates according to the regulations produced for that purpose.

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